A major private equity firm that has worked closely with consumer products giant Nestle SA for years has withdrawn from the competition to acquire the company’s water division, Bloomberg News reported Monday.
PAI Partners, described as Nestle’s longtime private equity partner, is no longer pursuing the water business that features popular brands such as Perrier, according to the report.
Reuters was unable to immediately confirm the Bloomberg report.
The news outlet cited sources familiar with the situation who indicated that Clayton Dubilier & Rice and Platinum Equity, owned by billionaire Tom Gores, continue to compete for a 50% ownership interest in Nestle’s water operations.
Another major player, KKR & Co, also exited the bidding process within recent weeks, the report stated.
When contacted for comment, Nestle refused to provide a statement.
Representatives from Clayton Dubilier & Rice, Platinum Equity, KKR, and PAI Partners did not respond immediately to requests for comment.
The water division of Nestle has attracted attention from various buyers over many years, including both private equity firms and strategic purchasers, according to Sanjay Bahadur, who served as the company’s head of group strategy and business development when he spoke with Reuters in a 2024 interview.
