June 8 (Reuters) – Consumer giant Nestle SA’s long-time private equity partner PAI Partners has dropped out of bidding for its water business, which includes brands like Perrier, Bloomberg News reported on Monday.
Reuters could not immediately verify the report.
According to the report, citing people with knowledge of the matter, Clayton Dubilier & Rice and billionaire Tom Gores’s Platinum Equity were still in the race for a 50% stake in Nestle’s water business.
KKR & Co dropped out in recent weeks, the report added.
Nestle declined to comment.
Clayton Dubilier & Rice, Platinum Equity, KKR and PAI Partners did not immediately respond to requests for comment.
Nestle’s water business has had interest for decades, including from private equity and strategic buyers, Sanjay Bahadur, the then head of group strategy and business development, told Reuters in a 2024 interview.
(Reporting by Hyunsu Yim in Barcelona; Editing by Joyjeet Das)
