Nestlé get ready to a 5 billion operation of euros: the Swiss multinational will put for sale Nestlé Waters division, which includes in addition to the iconic San Pellegrino Water also Cream water, Perrier, Vittel, Al Manhale BuxtonThe auction will be managed by consultants of Rothschild & Co and, barring any surprises, it should start at the beginning of the 2026With a bottle of San Pellegrino in hand, investors and industry professionals are already carefully monitoring the market, wondering who will be able to conquer the "Italian jewel" of mineral water.
San Pellegrino and Nestlé waters in the crosshairs of the funds: the contenders
According to the latest rumors, several major investment funds have already set their sights on Nestlé Waters. Among the most likely candidates are the American giants CD&R, manager of over 80 billion dollars, and One Rock Capital, which in 2021 acquired Nestlé Waters' North American brands, contributing to the creation of Primo Brands. However, the deal could have an unexpected player: the French fund Pai Partners, already a 50% shareholder with Nestlé in the Froneri ice cream joint venture, which owns brands such as Häagen-Dazs, Maxibon, and Coppa del Nonno. Froneri's scheme could also serve as a model for water, with a possible equal partnership allowing Nestlé to remain on board, sharing risks and strategies.
San Pellegrino, Acqua Panna, and Perrier: The Nestlé Waters Brand Challenge
The numbers confirm the value of the division. Between January and September 2025, Nestlé Waters recorded revenues of about 3 billion, in line with the same period of the previous year. However, behind the apparent stability lies very different trends among the various brands. Italian waters, San Pellegrino e Cream water, have achieved a solid growth, strengthening its market share and confirming itself as a symbol of Italian excellence on a global level. French Perrier, instead, he met difficulties, penalised by production problems and a reputation put to the test by legal disputes linked to alleged prohibited treatments on mineral water. Despite court victories, negative media coverage has slowed the brand's commercial recovery.
In the past, Nestlé had also evaluated the possibility of sell San Pellegrino separately, but in recent months this hypothesis has lost ground in favor of an overall valorization of the division. Presenting Nestlé Waters as a single wallet It allows investors to have a clearer and more balanced vision, capable of enhancing the strengths of the Italian brands and mitigating Perrier's critical issues.
Should the sale confirm Pai Partners as the preferred partner, the historic Italian water company would maintain its ties with the Swiss group, albeit under shared management, ready to guide the brand towards new international opportunities.
