On Tuesday, Spindrift Beverage Co., Inc. introduced that Gryphon Buyers, a San Francisco-based personal funding agency, will purchase a majority stake within the firm. The businesses lastly reached a deal — the small print of which haven’t been disclosed — after information of a possible sale broke in December 2024.
Coinciding with the partnership, Spindrift’s founder and present CEO, Invoice Creelman, will transition to a brand new function because the chair of Spindrift’s board. Beverage trade veteran Dave Burwick will step in as the corporate’s new CEO.
Creelman based Spindrift in his Massachusetts kitchen in 2010, and has grown the model to be the nation’s main producer of glowing water made with actual squeezed fruit.
“Spindrift has a powerful, beloved model and differentiated product portfolio as a result of it’s made with distinctive thought and care,” Gryphon’s managing director Ryan Fagan stated in a press launch. “This consideration to high quality underlies the corporate’s outsized share of progress throughout beverage classes — practically tripling in dimension since 2020 — and it’s what attracted us to spend money on the enterprise.” Fagan, together with Gryphon Companions Matt Farron and Mike Ferry, may also be part of Spindrift’s board.
Burwick brings 35 years of management expertise at varied world shopper manufacturers, having held positions as president and CEO of each Boston Beer Firm and Peet’s Espresso. He additionally spent 20 years at PepsiCo in quite a few govt capacities, together with as chief advertising and marketing officer of each Pepsi-Cola North America and Pepsi-Cola Worldwide.
Burwick introduced his retirement from Boston Beer Co. in February 2024. In his time on the firm he guided the expansion of its “past beer” class, together with serving to construct two billion-dollar manufacturers: Twisted Tea and Actually.
“I’m excited to affix this dynamic group,” Burwick said within the launch. “Spindrift’s mixture of gifted professionals, superior merchandise, and constant clients has created a implausible model with an excellent future — one I can’t wait to be part of.”
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