Nestlé and private investment firm Platinum Equity have agreed to combine Nestlé’s waters and premium beverages operations into a newly formed 50:50 joint venture called Peranel, the companies announced.
Deal terms and scope
The venture will encompass more than 30 brands with products sold in about 120 countries. It includes global and local mineral water names such as S.Pellegrino, Perrier and Acqua Panna, along with the global Nestlé Pure Life business and a range of premium and functional hydration beverages.
The arrangement assigns Peranel an enterprise value of €4.9 billion. The transaction remains subject to employee consultation processes and applicable regulatory approvals and is expected to complete in H1 2027. Peranel will be headquartered in Paris and led by Muriel Lienau, the current CEO of the business.
“By partnering with Platinum Equity, Peranel will be better positioned to execute its strategy with enhanced agility,”
— Philipp Navratil, CEO, Nestlé.
Why the move matters
Spin-offs and joint ventures are common ways for global consumer goods firms to sharpen strategic focus on specific categories. Nestlé said the arrangement aims to give the waters and premium beverages business greater autonomy to pursue growth through investments in innovation, premiumisation, operational excellence and sustainability.
Platinum Equity is a global investment firm with approximately US$48 billion of assets under management. The 50:50 split signals both parties will share governance and risk as the business seeks to compete in premium and functional hydration markets.
- Peranel: new 50:50 JV between Nestlé and Platinum Equity.
- Portfolio: 30+ brands; sold in ~120 countries.
- Value: enterprise value €4.9 billion; close targeted H1 2027.
Quick reference
| Joint venture name | Peranel |
| Ownership | 50% Nestlé / 50% Platinum Equity |
| Enterprise value | €4.9 billion |
| Brands included | S.Pellegrino, Perrier, Acqua Panna, Nestlé Pure Life + local brands |
| HQ | Paris |
| Transaction close | Expected H1 2027 (subject to consultations and approvals) |
The move will be watched by competitors, retailers and sustainability stakeholders as Peranel positions itself across premium and mainstream hydration categories. For Nestlé, the transaction represents a reorganisation of a longstanding business into a more focused vehicle; for Platinum Equity, it is an acquisition of a major global beverage platform with scale across markets.
