Platinum Equity and Nestlé to Form $5.6 Billion Water Business Peranel
Platinum Equity and Nestlé are forming a joint venture, Peranel, to consolidate Nestlé's water and premium beverage brands into a standalone company valued at $5.6 billion.
Washington, July 23, 2026 – Investment firm Platinum Equity and food giant Nestlé announced plans today to create Peranel, a 50/50 joint venture for Nestlé's water and premium beverages business. The entity aims to establish a focused player to drive growth in the global market.
The new company will encompass over 30 brands sold in 120 countries. Peranel’s portfolio includes natural mineral water brands such as S. Pellegrino, Source Perrier, and Acqua Panna, alongside hydration drinks and the global Nestlé Pure Life brand. Headquartered in Paris, Peranel will be led by Muriel Lienau, currently the division's CEO.
The transaction, valuing Peranel at $5.6 billion (EUR 4.9 billion), is subject to regulatory approvals and employee consultations, with closing expected in the first half of 2027. Platinum Equity will contribute its experience in corporate carve-outs and operational improvements to support Peranel's independent growth strategy.
As a standalone entity, Peranel will have the flexibility to invest in its brands and pursue expansion opportunities. Nestlé expects the joint venture to enhance its brand portfolio and support long-term growth objectives through increased focus on innovation, premiumization, operational excellence, and sustainability.