From Reuters:
Nestle NESN.S has kicked off the sale of its North American water brands including Pure Life and Poland Spring, according to four sources familiar with the matter, as the world's largest food group continues to exit slow-growth businesses.
The brands being sold, which also include Deer Park, Ozarka, Ice Mountain, Zephyrhills and Arrowhead, could fetch around $5 billion, said one of the sources, based on core earnings of around $600 million.
Nestle boss Mark Schneider – who has bought and sold around 50 businesses since taking over in 2017 – wants to retain control of premium water brands like Perrier and San Pellegrino and sell the rest of the portfolio.
He said in June he wanted Nestle to shift its focus to better performing water brands which include Acqua Panna while the rest of the business was being put under review.
Private equity funds including Apollo APO.N, that focus on turnaround deals and cutting costs to improve profit, are expected to show interest, the sources said....
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