Trinity Investors Recapitalizes Waterloo Sparkling Water

Waterloo Capital Acquires Equity Stake in Ironclad Wealth

July 1, 2026

Wealth Management

Waterloo Capital, L.P., a registered investment adviser headquartered in Austin, Texas, acquired an equity stake in Austin-based Ironclad Wealth. Effective July 1, 2026, the combined firms will operate under the Waterloo Capital name, expanding access for Ironclad Wealth’s clients to Waterloo’s institutional-grade asset management, advanced financial planning, and family office services.

Gryphon Investors Acquires Majority Stake in Spindrift Beverage Co.

January 14, 2025

Food & Beverage

Gryphon Investors will acquire a majority stake in Spindrift Beverage Co., a Newton, Massachusetts-based maker of sparkling water and other fruit-based beverages, with founder Bill Creelman and the management team retaining a significant equity stake. The investment coincides with the appointment of Dave Burwick as CEO and is intended to provide financial and operational resources to accelerate the brand's growth; the deal is expected to close in Q1 2025 (terms not disclosed).

John Paul DeJoria Acquires Waterloo Gin from Treaty Oak Distilling

September 30, 2024

Food & Beverage

Entrepreneur John Paul DeJoria has purchased Waterloo Gin, the Texas-crafted gin brand developed by Treaty Oak Distilling in Dripping Springs, Texas. DeJoria plans a brand refresh and expanded national distribution while retaining the recipe and production process; Justin Meigs will lead the company as CEO.

Carlsberg Group Acquires Waterloo Brewing

March 7, 2023

Food & Beverage

The Carlsberg Group completed its acquisition of Waterloo Brewing Ltd., finalised on March 7, 2023, following shareholder approval. The all-cash transaction (C$144 million) brings Waterloo's Kitchener brewing and RTD production capabilities into Carlsberg's portfolio to accelerate growth in the Canadian market and produce some Carlsberg brands locally.

Trinity Investors Recapitalizes Devansoy Inc.

September 14, 2022

Food & Beverage

Trinity Investors, a private equity firm based in Southlake, Texas, invested $27.0 million in Devansoy to recapitalize and fund the company's growth. Devansoy, based in Rock City, Illinois, is a third-party manufacturer of oat, soy, and pea protein bases for dairy-alternative products and will use the capital to expand capacity and capture rising demand for plant-based ingredients.

Flexis Capital-Led Consortium Acquires Waterloo Sparkling Water

August 19, 2020

Food & Beverage

A Flexis Capital-led investor consortium including Eurazeo Brands, Moore Strategic Ventures, JW Levin Management Partners and Waterloo Capital's investors has acquired Waterloo Sparkling Water. The investors said the recapitalization will provide capital and brand-building expertise to accelerate Waterloo's product, marketing and distribution growth while existing management (CEO Jason Shiver and COO Jeff Arnold) remain in place.