Nestlé has agreed to create a 50:50 joint venture with private equity firm Platinum Equity for its waters and premium beverages business, establishing a standalone company named Peranel to accelerate growth in the global category.
The new company will comprise more than 30 brands sold across 120 countries, including natural mineral water brands S.Pellegrino, Perrier and Acqua Panna, alongside premium and functional hydration drinks, the global Nestlé Pure Life brand and a portfolio of local water brands.
Headquartered in Paris, Peranel will be led by Muriel Lienau, the current chief executive of Nestlé's waters and premium beverages business.
The transaction values Peranel at an enterprise value of €4.9 billion (£4.2bn) and is expected to generate cash proceeds of about €3.0bn for Nestlé on completion. The deal remains subject to employee consultation processes and regulatory approvals and is expected to close in the first half of 2027.
Nestlé said creating an independent company dedicated solely to water and premium beverages would provide greater flexibility to invest in brands, strengthen innovation and pursue growth opportunities. The business includes an in-house research and development team that has contributed to around 120 product launches since 2022 and has built a pipeline of future products.
“By partnering with Platinum Equity, Peranel will be better positioned to execute its strategy with enhanced agility,” Philipp Navratil, chief executive of Nestlé, said.
“Through additional focus, it will be well equipped to drive its long-term growth ambitions by strengthening this unique portfolio of international and local brands, with continued investments in innovation, premiumization, operational excellence and sustainability.”
Platinum Equity, which manages approximately $48bn in assets, said it would bring expertise in corporate carve-outs, operational transformation and acquisitions to support the business.
“We bring unique energy and focus as well as business and operational expertise to the table. Combined with Nestlé’s and Peranel’s world-class product development, execution and marketing capabilities, our joint venture creates a powerful partnership and a very strong team,” said Louis Samson, Platinum Equity co-president.
“We have great respect for Peranel’s brands, the people that bring them to life and the customers and communities they serve. We will leverage our extensive experience in establishing and supporting stand-alone companies to create long-term value.”