Spindrift is in advanced talks to be acquired by a private equity firm for 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 by the end of the year, the story reported.
Newton, Massachusetts-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; NIQ scan data reported $263.3 million in dollar sales in the 52-week period ended November 2, a +22.5% increase.
A hard seltzer line, Spindrift Spiked, was introduced in 2021. Dollar sales of the hard seltzer have increased +36.5% and volume, measured in case sales, has increased +32.9% in the 52-week period ending November 2 at off-premise retailers, according to NIQ data shared by 3 Tier Beverages.
Those trends have accelerated in the latest four weeks through November 2, to +82% in dollar sales and +76.7% in volume, albeit off a small base in a declining segment.
Dollar sales of hard seltzers have declined -9.2% year-to-date through November 3, according to market research firm Circana.
This is a developing story.