Nestlé spins off its water business into the multibillion Peranel newco

The saga of Nestlé mineral waters concludes with the creation, together with US investor Platinum Equity, of Peranel: closing in the first half of 2027.

The announcement of the newco, which comes three days after a major investment in Italy, creates a dedicated 50/50 joint venture covering all the Swiss giant’s waters and beverages.

Nestlé Waters, more than 30 beverage brands

This is a portfolio of more than 30 brands distributed across 120 countries, such as S.Pellegrino, Perrier and Acqua Panna, as well as premium and functional soft drinks, the global Nestlé Pure Life brand (water) and other major local brands in the sector.

As an independent company, Peranel will have the full capacity to invest and seize new growth opportunities.

The company, based in Paris, also has its own R&D team which, since 2022, has contributed, as part of Nestlé, to launching approximately 120 new products and has developed a strong innovation strategy.

Peranel is worth approximately 5 billion euros

The agreement gives Peranel an enterprise value of 4,9 billion euros, and will generate proceeds for Nestlé, upon completion of the transaction, of approximately 3 billion euros.

The newco will be led by a management team with proven experience under the guidance of the Chief Executive Officer, Muriel Lienau.

The transaction is subject to consultation processes with employee representatives and the receipt of the necessary regulatory approvals, while completion is expected in the first half of 2027.

A Californian partner

“Thanks to the partnership with Platinum Equity, Peranel will be ideally placed to implement its strategy with greater agility,” said Philipp Navratil, CEO of Nestlé. “Greater focus will enable it to pursue its long-term growth ambitions, strengthening a unique portfolio of international and local brands while continuing to invest in innovation, premium segment development, operational excellence and sustainability.”

As for Platinum Equity: the Californian partner has 48 billion dollars in assets under management and brings to Peranel more than thirty years of expertise gained in corporate carve-outs, supporting management teams and leading complex business transformations.

Download Nestlé’s financial results for the first half of 2026

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and Panna?

This article was translated from the original Italian version with the assistance of artificial intelligence. In case of discrepancies, please refer to the original Italian version.