Platinum Equity and Nestlé have agreed to create Peranel, a 50/50 joint venture housing Nestlé's waters and premium beverages business, in a transaction assigning the business an enterprise value of $5.6 billion. The deal is subject to employee consultation processes and regulatory approvals and is expected to close in the first half of 2027.

Headquartered in Paris, Peranel spans more than 30 brands sold in 120 countries, including natural mineral water labels such as S.Pellegrino, Source Perrier and Acqua Panna, along with premium and functional hydration beverages and the global Nestlé Pure Life brand. The business includes an in-house research and development team that has contributed to approximately 120 product launches since 2022.

Muriel Lienau, who has been with Nestlé for more than 30 years, will lead Peranel's management team. Platinum Equity has approximately $48 billion of assets under management and has previously established similar partnerships with companies including Ball Corporation, Caterpillar, Danone, Emerson Electric, Ingersoll Rand, Kohler and Telstra.

"Peranel will be a cornerstone investment for our firm," said Louis Samson, co-president at Platinum Equity. "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," said Igor Chacartegui, managing director at Platinum Equity.