PAI Partners, a private equity partner of Nestlé, has exited the bidding process for a 50 percent stake in the Swiss consumer goods group’s water business, which includes brands such as Perrier, according to a Reuters report citing Bloomberg.
A report said Clayton Dubilier & Rice and Platinum Equity, the firm founded by Tom Gores, remain in contention. KKR (NYSE: KKR) also reportedly withdrew from the process in recent weeks. Nestlé’s water division has attracted interest from both private equity firms and strategic buyers for decades due to its portfolio of globally recognized bottled water brands.
Nestlé’s water business includes premium and mainstream bottled water brands led by Perrier, a sparkling mineral water labels. The unit has a significant international footprint and operates across multiple consumer beverage categories, making it a sizable standalone asset within Nestlé’s broader portfolio.