Financial Times reported that Zurich-listed food giant Nestlé is close to reaching an agreement for selling 50% of Nestlè Waters, to Platinum Equity on the ground of an enterprise value in the region of 5 billion euros. The vendor aims to reach a signing of an even joint venture with Platinum before the release of its half-yearly results that scheduled for 23 July, Thursday. In November 2024, Nestlè said it was going to spin off its water bottling unit that includes Perrier, S.Pellegrino, Acqua Panna, Levissima, and other brands by 1 January 2025 ahead of appraising partnerships consistent with its strategic repositioning (press release). In March 2025, press reports said that the asset attracted the interest of PAI Partners, Bain Capital, Clayton Dubilier & Rice (CD&R), Blackstone, and KKR (see here a previous post by BeBeez). The vendor later shortlisted Clayton, Dubilier & Rice, One Rock Capital(which acquired the North American mineral water division in 2021), and PAI Partners which already purchased Nestlé’s ice-cream business in Europe (see here a previous post by BeBeez) and in USA (see here a previous post by BeBeez). PAI and Nestlé previously signed a joint venture for the frozen pizza in Europe that includes the Buitoni brand (see here a previous post by BeBeez).
Lending banks are working on supporting private equity with financing facilities worth 2-3 billion euros, or 4-6X the Nestlè Waters expected 500 million euros ebitda (see here a previous post by BeBeez). In June 2026, Bloomberg reported that Nestlé was negotiating only with Platinum Equity, a firm with assets worth 48 billion US Dollars and a relevant track record of careva-out deals with consumer and industrial companies that Tom Gores founded in 1995.
Platinum previously invested in Biscuit International and dairy producer Horizon Organic. In 2024, Platinum acquired the majority of F.lli Polli, an Italian manufacturer of preserves, olives, pickles, condiments, and sauces (see here a previous post by BeBeez) and in 2020 purchased Farnese Vini and rebranded it as Fantini Group (see here a previous post by BeBeez). In 2019, Platinum Equity acquired De Wave, a manufactured of interiors and furnishings for large yachts and cruise ships (see here a previous post by BeBeez).
In 2015, Gores acquired with his own resources NBA team Detroit Pistons.
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