Platinum and Nestlé plan $5.6bn bottled water joint venture
The 50-50 Peranel venture will hold Nestlé water and premium beverage brands, with closing expected in the first half of 2027.
By Amanda Ross · Deals Correspondent
· 3 min read
Platinum Equity and Nestlé have agreed to form Peranel, a 50-50 joint venture for Nestlé’s waters and premium beverages business, valuing the unit at $5.6 billion on an enterprise basis. The transaction would move a global portfolio of bottled water and hydration brands into a jointly owned platform, subject to employee consultation processes and regulatory approvals.
The parties expect the deal to close in the first half of 2027, according to the announcement. For Nestlé, the structure creates a dedicated vehicle for a consumer beverage business spanning more than 30 brands in 120 countries. For Platinum Equity, it adds a large European carve-out and partnership transaction to a portfolio managed by a firm with about $48 billion in assets under management.
Peranel will be based in Paris. Its brand portfolio will include S.Pellegrino, Source Perrier and Acqua Panna, as well as premium and functional hydration drinks and the global Nestlé Pure Life brand.
The venture will also include an internal research and development function. According to the announcement, that team has contributed to about 120 product launches since 2022, a detail that points to the role of product extension and brand management in the business model.
Muriel Lienau, currently chief executive of the business, will continue to lead Peranel after completion. Lienau has worked at Nestlé for more than 30 years, according to the announcement.
How the venture is structured
A 50-50 joint venture gives each parent an equal ownership stake in the new company. In this case, Peranel will house the existing Nestlé waters and premium beverages assets while bringing in Platinum Equity as an equal partner.
The announced enterprise value of $5.6 billion refers to the value assigned to the operating business, a measure that typically includes equity value and net debt or similar obligations. The final transaction remains conditional on consultation with employees and clearance from regulators, processes that can affect timing and, in some cases, required remedies.
Platinum Equity said it has used similar partnership models with large corporates including Ball Corporation, Caterpillar, Danone, Emerson Electric, Ingersoll Rand, Kohler and Telstra. Those arrangements generally involve a financial sponsor taking ownership alongside, or from, an industrial company in a business that may require operational separation, new investment or portfolio changes.
Louis Samson, co-president at Platinum Equity, said in a statement that Peranel would be “a cornerstone investment” for the firm and described the deal as a large and complex transaction that reflects the platform it has built in Europe. He said Platinum has developed European dealmaking and operational capabilities comparable to those it has long had in North America.
Igor Chacartegui, a managing director at Platinum Equity, said in a statement that the firm is investing in beverage categories linked to health, wellness, hydration and premium products. He said Peranel brings together well-known brands and that Platinum would use its mergers and acquisitions capabilities to develop and refine the portfolio.
Bank of America and Latham & Watkins are advising Platinum Equity on the transaction, according to the announcement.
This story draws on original reporting from PE Hub.
