Platinum Is Said Sole Remaining Bidder for Nestle Water Unit
(Bloomberg) — Platinum Equity is the last remaining bidder for Nestle SA’s water business after rival Clayton Dubilier & Rice dropped out of the race, according to people familiar with the matter.
The private equity firm backed by billionaire Tom Gores is seeking to negotiate final terms of a deal for the 50% stake in the unit, which houses brands including Perrier and S.Pellegrino, the people said, asking not to be identified discussing confidential information.
Deliberations are ongoing and there’s no certainty that Platinum will ultimately proceed with a deal for the Nestle asset, the people said. Representatives for Nestle, CD&R and Platinum declined to comment.
Nestle is selling the unit as part of a turnaround plan under Chief Executive Officer Philipp Navratil that’s aimed at refocusing on core brands. The Swiss consumer giant’s long-time private equity partner, PAI Partners, had been seen as a leading contender to buy the water business before Bloomberg News reported it had also withdrawn from bidding.
In late 2024, Nestle said it would separate its water business, before the company later opted to pursue a full sale. During the bidding process, some suitors balked at issues including restrictive conditions on data access for financing banks and the valuation of around €5 billion ($5.7 billion) that Nestle has been seeking.
Bankers have been working on debt financing of €2 billion to €3 billion to back a potential deal, Bloomberg News reported earlier this year.
Nestle’s water operations have been troubled in recent years, hurt by tepid consumer demand and investigations and lawsuits related to the use of filtration and treatment methods on some bottled water products. Navratil, who took over in September, is pushing ahead with a turnaround as the company emerges from an infant formula recall in over 60 countries.
–With assistance from Ryan Gould, Fabienne Kinzelmann and Deirdre Hipwell.
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