Bain, KKR, and PAI circle Nestlé’s water unit as Swiss giant eyes strategic partnerships
Private equity firms Bain Capital, KKR, and PAI Partners are reportedly considering a move for Nestlé’s water business, as the Swiss food and beverage group explores strategic options for the unit.
While Nestlé has ruled out a full sale, CEO Laurent Freixe confirmed last month that the company is open to partnership opportunities that could help realise the category’s potential.
“There will be no outright sale but we would welcome some sort of partnership,” Freixe stated during the group’s 2024 earnings announcement.
Nestlé created a standalone structure for its water and premium beverages division at the beginning of this year. The new unit will assess long-term strategy and seek partners to support future growth. The group is expected to appoint investment banks shortly to advise on the process.
This is not the first time Nestlé has explored joint ventures with private equity. The company has previously partnered with PAI Partners in the ice cream and frozen pizza categories.
Neither Nestlé nor the private equity firms have commented on the reported interest.