Private-equity firms are reportedly weighing up Nestlé’s water business.

Bloomberg said yesterday (26 March) Bain Capital, KKR & Co. and PAI Partners were among those considering moves for the business unit.

Citing sources, the news outlet said Nestlé would “likely appoint investment banks to advise on options for the water business” in the coming days.

Approached by Just Drinks, none of Nestlé nor the three private-equity firms would comment.

In November, Nestlé announced plans to separate its water and “premium beverages” activities into a stand-alone business from the start of this year.

At the time, the Swiss giant said the new management of the assets would “evaluate the strategy” for the business, including “exploring partnership opportunities”.

When Nestlé issued its 2024 results last month, CEO Laurent Freixe said the company was not planning to sell off its water business but was seeking partners to work with.

Freixe said: “We are committed to the space and committed to the brands.

“There will be no outright sale but we would welcome some sort of partnership … we look for partnership to realise the potential of the category.”

On two occasions in the last decade Nestlé has teamed up with PAI to run joint ventures – one in ice cream and the other in pizza.