Nestlé has sold half its waters and premium beverage business to Platinum Equity for $3.4 billion, forming a new independent company called Peranel. The 50:50 joint venture includes over 30 brands—including S.Pellegrino, Source Perrier, Essentia, and Nestlé Pure Life—and carries an enterprise value of €4.9 billion ($5.6 billion). Headquartered in Paris and led by Muriel Lienau, Peranel is expected to close in H1 2027. The deal advances Nestlé CEO Philipp Navratil’s portfolio restructuring plan, which targets $2.8 billion in cost cuts by 2027 and follows recent sales of Blue Bottle Coffee and its remaining ice cream business.
According to www.fooddive.com, Nestlé has sold half of its global waters and premium beverage business to Platinum Equity in a $3.4 billion transaction, forming a new independent company named Peranel.
Joint Venture Structure and Portfolio
Peranel is a 50:50 joint venture between Nestlé and the private equity firm Platinum Equity. The newly formed entity consolidates more than 30 brands, including iconic premium labels S.Pellegrino, Source Perrier, and Essentia, as well as mass-market offerings such as Nestlé Pure Life and various regional water brands. The deal assigns Peranel an enterprise value of 4.9 billion euros — approximately $5.6 billion — and establishes its headquarters in Paris.
Leadership and Strategic Rationale
The company will be led by Muriel Lienau, who currently serves as CEO of Nestlé’s waters and premium beverage division. In a statement, Philipp Navratil, CEO of Nestlé, emphasized the strategic rationale:
“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, premiumization, operational excellence and sustainability.” — Philipp Navratil, CEO of Nestlé
The move aligns with Navratil’s broader portfolio optimization agenda. Nestlé first announced plans in 2024 to spin off its waters and premium beverage operations as part of a larger initiative to cut $2.8 billion in costs by 2027. Earlier in 2026, Nestlé sold Blue Bottle Coffee to Centurium Capital and divested the remainder of its ice cream business to Froneri. It is also actively seeking buyers for its mainstream vitamins, minerals and supplements unit.
Financial Context and Market Position
The waters and premium beverage segment represented only about 4% of Nestlé’s total business and had faced sustained performance challenges. Nestlé reported H1 2026 sales of 43 billion Swiss francs — roughly $52.6 billion — reflecting a 2.5% year-on-year decline. The transaction is expected to close in the first half of 2027.
Industry observers note that Nestlé’s decision reflects a wider trend among multinational food and beverage companies to streamline portfolios around higher-margin, faster-growing categories. Competitors including Danone and Coca-Cola have previously pursued similar divestitures or restructurings of bottled water assets amid shifting consumer preferences and intensifying regulatory scrutiny on plastic use and water sourcing. For supply chain professionals, the separation implies distinct logistics, packaging, and distribution strategies for Peranel — particularly given its dual focus on premium global brands and locally tailored water offerings across diverse geographies.
Source: Food Dive
Compiled from international media by the SCI.AI editorial team.
