Spindrift is in advanced talks to be acquired by a private equity firm for a price north of $650 million, according to a report in The Wall Street Journal.
Citing people familiar with the potential transaction, the Journal identified Gryphon Investors, a San Francisco-based group whose cross-industry portfolio includes CPG brands like Dessert Holdings and Eight O’Clock Coffee, as the interested buyer. A deal could be announced as early as before the end of the year, the story reported.
Newton, Mass.-based Spindrift has enjoyed sustained growth since developing its signature sparkling waters made with real squeezed fruit juice. That approach, which eschews natural flavors, has positioned the brand on the premium end of the category; NielsenIQ scanner data reported $263.3 million in dollar sales in the 52-week period ended November 2, a 22.5% increase. EBITDA is around $25 million.
An alcoholic seltzer line, Spindrift Spiked, was introduced in 2021.
This is a developing story.