Saint Springs was founded in 1993 as a joint venture between California businessman John King and the Russian Orthodox Church. At the time, the company produced Russia’s only domestically bottled spring water. In 1997, Shipston was the lead investor in a venture-funding group that took a 31% interest in the company. Shipston and partners helped the company become more competitive and efficient by hiring western managers and instituting best practices and management techniques. By 2001, Saint Springs sold 108 million liters of bottled water, operated eighteen facilities, and employed over 1,000 individuals. Saint Springs was acquired by Nestle in 2002, by which time the company led the rapidly growing bottled water market in Russia.