Key facts
- PAI Partners has reportedly withdrawn from the bidding for Nestle's water business.
- The Nestle water business includes brands such as Perrier.
- Clayton Dubilier & Rice and Platinum Equity are reportedly still in contention.
- KKR & Co. recently exited the bidding process.
PAI Partners, a long-time private equity partner of Nestle, has reportedly dropped out of the bidding for the Swiss food giant's water business, which includes the Perrier brand. The withdrawal was reported by Bloomberg News on Monday, though Reuters stated it could not immediately verify the information. Clayton Dubilier & Rice and billionaire Tom Gores's Platinum Equity are said to remain in the race for a 50% stake in the business, while KKR & Co. recently exited the process. Nestle has historically received interest in its water division from both private equity and strategic buyers.