Nestlé and Platinum Equity have announced plans to create Peranel, a 50:50 joint venture combining Nestlé's waters and premium beverages business into a standalone company with sharper focus to drive growth in the category. Spanning more than 30 brands sold in 120 countries, Peranel includes natural mineral water brands such as S.Pellegrino, Source Perrier and Acqua Panna, along with premium and functional hydration beverages, the global Nestlé Pure Life brand, and other leading local water brands.
As an independent company dedicated solely to water and premium beverages, Peranel will have full flexibility to invest in its brands and pursue growth. Its in-house R&D team has contributed to around 120 product launches since 2022 and has built up a strong development pipeline.
The transaction, subject to employee consultation and regulatory approvals, is expected to close in the first half of 2027. It values Peranel at an enterprise value of EUR 4.9 billion (CHF 4.5 billion), implying cash proceeds for Nestlé at closing of approximately EUR 3.0 billion (CHF 2.8 billion).
"By partnering with Platinum Equity, Peranel will be better positioned to execute its strategy with enhanced agility," said Philipp Navratil, CEO of Nestlé, adding that the added focus will support the brand portfolio's long-term growth through continued investment in innovation, premiumization, operational excellence and sustainability.
Platinum Equity is a global investment firm managing roughly USD 48 billion in assets. Alongside Nestlé's experience running joint ventures, the firm brings three decades of expertise in corporate divestitures, supporting management teams and leading complex transformations.
Platinum Equity Co-President Louis Samson said the firm is bringing energy, focus and operational expertise to the partnership, which combined with Nestlé's and Peranel's product development and marketing capabilities creates a strong team positioned to build long-term value. Platinum Equity Managing Director Igor Chacartegui called Peranel a remarkable collection of trusted global brands and said the firm looks forward to working with Nestlé and Peranel's management to expand its reach, support organic growth, and apply its M&A capabilities to sharpen the portfolio further.
Headquartered in Paris, Peranel will be led by its current CEO, Muriel Lienau, and an experienced management team. Lienau called the announcement an important milestone and an exciting new chapter for the business, expressing gratitude for Nestlé's continued support and welcoming Platinum Equity to the venture.
