Nestle SA is in talks to sell its North American bottled water business to private equity firm One Rock Capital Partners LLC, people familiar with the matter told Reuters exclusively.

Last October, it was reported Nestle began shopping the business, which includes brands Pure Life, Poland Spring, Deer Park, Ozarka, Ice Mountain, Zephyrhills and Arrowhead. All have minimal value-add. Nestle would keep its higher-end, international and better performing water brands such as Perrier, S.Pellegrino and Acqua Panna.

A source told Reuters the brands could be valued at more than $4 billion, including debt. Sales of the business are reported to be around $600 million. One Rock is a New York-based fund managing some $3.2 billion of committed capital, Reuters said.