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Nestlé and Platinum Equity have announced the launch of Peranel, a 50/50 joint venture for Nestlé’s waters and premium beverages business.

The transaction, announced today (23 July 2026), assigns an enterprise value of $5.6 billion to the new joint venture. It will create a new major, dedicated player in the water and premium beverages category and will be led by Nestlé Waters & Premium Beverages’ CEO, Muriel Lineau.

Peranel’s portfolio will span more than 30 brands with products sold in 120 countries, including mineral water brands S.Pellegrino, Source Perrier and Acqua Panna, premium and functional hydration beverages, the global Nestlé Pure Life brand and other local water brands.

Platinum Equity is an international investment firm with approximately $48 billion of assets under management. It will bring three decades of corporate divestiture experience to Peranel, combined with Nestlé’s experience in managing joint ventures.

Headquartered in Paris, France, the newly established business includes an in-house R&D team that has contributed to approximately 120 launches since 2022.

Philipp Navratil, CEO of Nestlé, said: “By partnering with Platinum Equity, Peranel will be better positioned to execute its strategy with enhanced agility”.

“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, premiumisation, operational excellence and sustainability.”

Platinum Equity’s co-president, Louis Samson, said that the firm will bring “unique energy and focus as well as business and operational expertise” to the joint venture.

“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,” he commented.

“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.”

The transaction is subject to employee consultation processes and regulatory approvals and is expected to close in the first half of 2027.