Source Ventures

Spadel is a family-owned European beverage group founded in 1923, specializing in the production and marketing of natural mineral waters, spring waters, zero-calorie flavored waters, and soft drinks made with 100% natural ingredients. Headquartered in Belgium, the group operates five production sites across Europe and produces over 1,071 million litres annually, employing approximately 1,359 people. Spadel is the first family-owned mineral water group in the world to achieve B Corp certification across all of its brands, reflecting its commitment to the highest standards of social and environmental performance, transparency, and accountability. The company's portfolio includes well-established regional brands such as Spa (Belgium), Bru (Belgium), Wattwiller (France), Carola (France), and Devin (Bulgaria), each sourced from protected natural areas and parks across Europe. More than 95% of its product range consists of natural and low-calorie drinks. Spadel's mineral waters are drawn from carefully protected spring sources in unspoiled natural environments, ensuring the natural purity and mineral composition that define each brand. The group has built a strong regional leadership position across the Benelux, French, and Bulgarian markets, with a strategy centered on three pillars: operational expertise, innovation, and sustainable development. Its Generation 2030 strategic framework integrates business objectives with sustainability commitments, including carbon reduction, biodiversity protection, and the transition to a circular economy. Spadel's packaging strategy targets fully circular solutions designed to reduce environmental impact. Through its venture capital initiative, The Source – Ventures by Spadel, the company actively invests in innovative start-ups within the beverage and natural drinks space. The group maintains a track record of consistent and profitable growth, underpinned by rigorous resource management and a recurring dividend policy, making it a credible and stable partner for retail, foodservice, and distribution channels across Europe.