Platinum Equity has reportedly emerged as the last remaining bidder for a 50 percent stake in Nestlé’s water business.
The unit includes global bottled water brands Perrier and S.Pellegrino. The sale is part of Nestlé’s broader turnaround strategy under CEO Philipp Navratil, aimed at sharpening the company’s focus on core brands. Earlier bidders, including Clayton Dubilier & Rice and PAI Partners, have reportedly withdrawn from the process. Nestlé was seeking a valuation of approximately €5 billion (about $5.7 billion) for the business, Bloomberg reported.
The water division operates a portfolio of premium mineral and sparkling water brands with a significant international footprint. Nestlé announced plans in late 2024 to separate the business before later pursuing a sale. The unit has faced operational challenges in recent years, including weaker consumer demand and regulatory scrutiny related to water treatment and filtration practices used for certain bottled water products.