Nestlé and Platinum Equity have created Peranel, a 50:50 joint venture focused exclusively on water and premium beverages such as S.Pellegrino and Nestlé Pure Life – a move set to streamline investment and growth.
Nestlé has planned to create a separate business for its water and premium beverages since 2024, targeting $2.8 billion (CHF 2.5 billion) in cost savings by the end of 2027 to fund increased investments.
Officially announced in July 2026, Peranel is an independent company with full flexibility to invest in its 30+ brands – including Nestlé Pure Life, S.Pellegrino, Source Perrier and Acqua Panna – and pursue growth opportunities.
Peranel is led by Muriel Lienau, the current CEO of Nestlé’s waters business, with its headquarters located in Paris. The business includes an in-house R&D team with a ‘robust’ product development pipeline, said to have contributed to around 120 launches since 2022.
“By partnering with Platinum Equity, Peranel will be better positioned to execute its strategy with enhanced agility,” said Nestlé CEO Philipp Navratil. “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.”
“We are excited to partner with Nestlé and take this next step together,” continued Louis Samson, co-president of Platinum Equity. “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.
“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.”
“We are investing in some of the fastest-growing parts of the beverage market, supported by long-term trends around health, wellness, hydration and premium products,” commented Platinum Equity managing director Igor Chacartegui. “Peranel represents a remarkable collection of iconic brands that consumers know and trust around the world.
“We’ll also bring our M&A capabilities to help build upon and sharpen Peranel’s existing portfolio.”
The transaction assigns an enterprise value of $5.6 billion (€4.9 billion) to Peranel and implies cash proceeds at closing for Nestlé of approximately $3.0 billion. It is subject to employee consultation processes and applicable regulatory approvals, and expected to close by the first half of 2027.
In other news, Unilever recently entered into an agreement to combine its Food business with McCormick & Company, forming a global portfolio with estimated revenues of $20 billion. By separating Unilever Foods, Unilever plans to become a leading pureplay home and personal care (HPC) company – citing competitive strengths, market making abilities, and €39 billion in revenues based on the fiscal year 2025.
Nestlé’s chief executive was also reported to blame US President Donald Trump for the brand’s public silence on sustainability. While he apparently took partial responsibility for the outcome, he also stated that it would be a “huge mistake” not to focus on sustainability and told employees that he remains committed to net zero emissions.
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