The Group Spadel

What The Group Spadel does

Spadel is a family-controlled Belgian beverage group that bottles and distributes natural mineral water, spring water, flavored waters, and functional drinks across five European markets. Its core business operates five wholly owned production sites in Belgium (Spa Monopole, Bru-Chevron), the Netherlands (Spadel Nederland), France (Carola in Ribeauvillé and Wattwiller), and Bulgaria (Devin), with a combined production capacity exceeding 880 million liters annually. The portfolio is anchored by heritage brands Spa (bottled since 1583) and Bru (exploited since the 17th century), complemented by Carola, Wattwiller, and Devin as national or regional leaders, and extended in 2024 by the Zyla natural energy drink line and the SPA Fountain office dispenser.

The group makes money primarily through one-time sales of bottled water and beverages to retail and foodservice channels under a multi-local, hyper-regional go-to-market model in which 95% of volumes are sold within 500km of their source. Pricing is set per market and channel and is not publicly disclosed. Distribution is predominantly through supermarkets, convenience stores, and specialty retailers in Belgium, the Netherlands, France, and Bulgaria, with additional reach into UK retailers (Tesco, Waitrose, Boots) and foodservice via The Source Ventures' portfolio companies, and direct B2B installation of atmospheric water generation hardware (Kumulus) in offices, factories, and schools.

The technology base is fundamentally physical: protected source exploitation, bottling lines (2 to 7 per site), circular packaging, and the Re-Generation 2030 sustainability platform validated by SBTi. Spadel complements its core operating business with The Source Ventures, a €10M corporate venture fund that holds minority stakes in eight beverage-adjacent startups spanning gut health (Living Things), atmospheric water generation (Kumulus), non-alcoholic cocktails (The Mocktail Club), chicory coffee alternatives (Cherico), premium natural sodas (Something & Nothing), protein (Pulse Protein), powder drinks (Qallo), and on-site dispensers (Dripl). The group is listed on Euronext Brussels (ticker: SPAD), is approximately 93% controlled by the du Bois family through Finance & Industries S.A., and employs 1,416 people as of end-2025.

Name

The Group Spadel

Legal name

Spadel NV/SA

Website

https://spadel.com

Company type

Public

Founded year

1921

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Spadel is a family-controlled Belgian natural mineral water group that bottles and sells Spa, Bru, Carola, Wattwiller, Devin, and Zyla beverages across Belgium, the Netherlands, France, Bulgaria, and adjacent European markets via retail and foodservice channels, complemented by a corporate venture fund investing in next-generation beverage and water startups.

Ownership category

akta.pro rank

Product category

Bottled Water

NAICS

Bottled Water Manufacturing (312112), Soft Drink and Ice Manufacturing (31211), Soft Drink Manufacturing (312111)

SIC

Bottled & Canned Soft Drinks & Carbonated Waters (2086), Beverages (2080)

akta.pro primary industry

Flavored/Enhanced Bottled Water Production (Essenced, Vitamin, Electrolyte) (AFAFACAF)

akta.pro secondary industries

Sparkling/Carbonated Bottled Water Production (AFAFACAE), Still Soft Drinks & Flavored Waters (Non-Carbonated) (AFAFABAB), Functional Beverages (Vitamins, Probiotics, Nootropics, etc.) (CRADAHAL), Non-Carbonated Soft Drinks (Juice Drinks, Lemonades, Fruit Drinks) (CRADAHAB)

Keywords

• Natural mineral water
• Bottled spring water
• Flavored water beverages
• Atmospheric water generation
• Regional beverage brands

Headquarters

HQ city

Brussels

HQ country

Belgium

HQ region

Europe

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Natural Mineral Water and Spring Water Sales: Core revenue from bottling and selling natural mineral waters (Spa, Bru, Wattwiller, Carola, Devin) and spring waters through retail channels across Europe.
2. Flavored and Functional Drinks: Sales of flavored waters, soft drinks, and natural energy drinks (Zyla) that are low in sugar and made with natural ingredients.
3. Water Generation Hardware (Kumulus): Sale and installation of atmospheric water generators (Amphore and Boks machines) that produce water from air humidity, targeting offices, factories, schools, and regions facing water scarcity.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels6 records

Core offering

Spadel extracts, bottles and distributes natural mineral water, spring water, flavored waters, soft drinks and natural energy drinks under multi-local European brands (Spa, Bru, Carola, Wattwiller, Devin, Zyla) through retail, foodservice and direct channels. The group also sells B2B atmospheric water generation hardware (Kumulus) and office water dispensers (SPA Fountain), and operates a corporate venture fund (The Source Ventures) investing in innovative beverage and hydration startups.

Differentiator

Problem solved

Functional benefit

Brands

• SPA: Natural mineral water brand. Includes variants: Spa Reine, Spa Barisart, Spa Marie-Henriette, Spa Intense, Spa Finesse, Spa Fruit, Spa Touch Of, Spa limonades.
• BRU
• Carola
• Wattwiller
• Devin
• ZYLA
• The Source Ventures
• Qallo
• Dripl
• The Mocktail Club
• Cherico
• Something & Nothing
• Kumulus
• Pulse Protein
• Living Things

Products and services

• Spa Natural Mineral Water (Spa Reine, Spa Barisart, Spa Marie-Henriette)
• Bru Natural Mineral Water
• Carola Spring Water
• Wattwiller Natural Mineral Water
• Devin Natural Mineral Water and Spring Water
• Spa Flavored Waters and Limonades (Spa Fruit, Spa Touch Of, Spa limonades) Natural zero-calorie flavored waters and soft drinks made with 100% natural ingredients, sold under the Spa brand.
• Zyla Natural Energy Drinks Natural energy drinks with less sugar than conventional energy drinks, offered in three variants: Boost, Focus, and Vitality.
• Spa Eco Pack 5L 5-liter practical and ecological packaging format for Spa Reine, designed to reduce environmental footprint.
• SPA Fountain Office Water Dispenser Water dispenser for office spaces that integrates easily into office environments, providing Spa water on tap.
• Kumulus Atmospheric Water Generators (Amphore and Boks) Hardware systems that extract drinkable water from air humidity. Amphore produces up to 30 liters per day; larger systems are being developed for 1,000-2,000 liters per day. Deployed in offices, factories, schools and water-stressed regions across Tunisia, Spain, France and Saudi Arabia.

Quantifiable outcome

• 399.5 million € turnover in 2025, up 11.8%
• +6 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered minor.

• Fédération Royale de l'Industrie des Eaux et des Boissons Rafraîchissantes (FIEB-VIWF)minorOthersBelgian industry federation for soft drinks and waters that Spadel participates in as a member.
• Maison des Eaux Minérales Naturelles (MEMN)minorOthersFrench association representing natural mineral water producers.
• Nederlandse Vereniging Frisdranken, Waters, Sappen (FWS)minorOthersDutch beverage association representing soft drinks, waters, and juices.
• Bulgarian Soft Drinks Association (BDSA)minorOthersBulgarian industry association for soft drinks.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Emerging players

• Otsuka Holdings: Japanese pharmaceutical and beverage company owning Pocari Sweat and other functional water brands. Comparable to Spadel's functional beverage push through Living Things and Zyla as a leader in scientifically-positioned hydration products.
• National Beverage Corp. US-based functional and flavored sparkling water company behind LaCroix. Comparable to Spadel's flavored and functional beverage extensions (Spa Touch Of, Zyla) as a focused player in better-for-you sparkling water categories.

Broad incumbents

• Nestlé Waters: World's largest bottled water operator with brands including Perrier, S. Pellegrino, Vittel, and Hépar. Competes directly with Spadel in French and broader European markets as the dominant incumbent in premium mineral water.
• Primo Water Corporation: North American water company operating in bottled water, water dispensers, and filtration. Adjacent peer to Spadel via SPA Fountain and Kumulus office water hardware investments, with overlapping B2B water delivery economics.
• Suntory Beverage & Food: Global beverage major with bottled water brands (I LOHAS, Bossa) and aggressive functional beverage expansion. Adjacent peer through its premium water portfolio and parallel push into healthier beverage categories where Spadel competes via Zyla and Living Things exposure.

Direct peers

• Gerolsteiner Brunnen: Germany's leading mineral water brand, privately held by Bitburger Braugruppe. Closely comparable to Spadel as a regional premium mineral water champion with strong source-protection positioning and similar multi-product portfolio including flavored varieties.
• Ferrarelle Società Benefit: Italy's leading mineral water brand (Benefit corporation status). Direct peer to Spadel given comparable regional premium mineral water model, source-protected heritage, and similar geographic concentration strategy.
• Vichy Catalán: Spanish mineral water brand with strong regional positioning and growing international presence. Comparable to Spadel as a heritage, source-protected mineral water brand operating in a single primary European geography.
• Danone: Global food and beverage major with premium mineral water brands Evian, Volvic, and Badoit. Direct competitor to Spadel across European bottled water shelves with comparable premium, source-protected positioning and growing functional water portfolio.

Regional players

• Cott Corporation: North American water and beverage solutions provider with bottled water, coffee, and filtration services. Comparable to Spadel as a multi-category water and beverage operator, though Cott's geographic footprint and channel mix differ materially.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/spadel
• Instagraminstagram.com/spadel_corporate

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments6 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Group Spadel