Nestlé and investment firm Platinum Equity have announced plans to establish Peranel, a jointly owned company focused on water and premium beverages.
The proposed business will be structured as a 50:50 joint venture and will include more than 30 international and local brands. Its portfolio is expected to include S.Pellegrino, Source Perrier, Acqua Panna, Nestlé Pure Life and a range of premium, functional-hydration and regional beverage brands. The products covered by the transaction are currently sold in approximately 120 countries.
The transaction assigns Peranel an enterprise value of approximately €4.9 billion. Nestlé expects to receive cash proceeds of around €3 billion when the transaction is completed.
The deal remains subject to employee-consultation procedures and applicable regulatory approvals. Completion is expected during the first half of 2027, meaning the proposed joint venture should not yet be described as a completed sale or spin-off.
Peranel is expected to operate as a standalone company concentrating exclusively on water, hydration and premium beverages
The new structure is intended to provide the business with greater operational independence in areas such as product development, brand investment, manufacturing, distribution and portfolio management.
Nestlé said the business has an internal research and development team that has contributed to approximately 120 product launches since 2022. The proposed company is therefore expected to combine established natural mineral-water brands with newer premium and functional-hydration products.
Peranel will be headquartered in Paris and led by Muriel Lienau, who currently heads Nestlé’s water and premium beverages business
Under the proposed structure, Nestlé will retain a 50% interest in the business rather than completely exiting its water portfolio.
Platinum Equity will hold the remaining 50% and is expected to contribute experience in creating standalone companies, operational transformation and corporate divestitures. The investment firm reported approximately US$48 billion in assets under management at the time of the announcement.
The arrangement gives Peranel access to Nestlé’s experience in brand development, research, international distribution and joint-venture management while adding Platinum Equity’s operational and investment capabilities.
The long-term commercial outcome will depend on factors including regulatory clearance, execution of the separation process, market demand and the performance of the company after closing.
The formation of a dedicated global water and beverages company will place additional attention on how Peranel manages water sourcing, treatment, bottling operations and environmental performance.
Businesses operating in the packaged-water sector depend on the long-term availability and quality of groundwater, spring water or other approved sources. Effective source management therefore requires hydrogeological assessment, withdrawal monitoring, water-quality testing and compliance with local operating requirements.
Important areas for the new company are likely to include:
Protection and monitoring of water sources
Water-use efficiency at bottling plants
Reduction of process-water losses
Wastewater treatment and reuse
Packaging optimisation
Energy efficiency
Environmental and quality compliance
Transparent reporting of water-related performance
These areas are relevant to the wider water industry because packaged-water operations involve both product-water quality and responsible management of the water resources supporting production.
A standalone water and premium beverages company may create opportunities for focused investment in treatment, monitoring and production technologies.
Potential areas include advanced filtration, ultraviolet and ozone disinfection, clean-in-place optimisation, digital water-quality monitoring, leak detection, process-water recovery and energy-efficient pumping.
However, the announcement does not provide detailed investment commitments for individual plants or technologies. Any future environmental, operational or manufacturing programmes should therefore be reported only after they are formally announced or supported by verifiable project information.