Nestlé and Platinum Equity have announced plans to create Peranel, a 50:50 joint venture that will combine Nestlé's waters and premium beverages business into a standalone company focused exclusively on the category.

The new company will manage a portfolio of more than 30 brands sold in 120 countries, including S.Pellegrino, Source Perrier, Acqua Panna, Nestlé Pure Life, premium and functional hydration beverages, and several regional water brands.

According to Nestlé, operating as an independent company will give Peranel greater flexibility to invest in its brands, expand its product portfolio, and pursue growth opportunities. The business also includes an in-house research and development team that has contributed to approximately 120 product launches since 2022 and maintains an active development pipeline.

Nestlé Chief Executive Officer Philipp Navratil said the partnership with Platinum Equity is intended to strengthen Peranel's ability to execute its long-term growth strategy through continued investment in innovation, premiumization, operational excellence, and sustainability.

Platinum Equity, which manages approximately USD 48 billion in assets, said it will contribute experience in corporate carve-outs, business transformation, and operational improvement. The investment firm also plans to support Peranel's continued organic growth while using its mergers and acquisitions capabilities to strengthen the company's portfolio.

Peranel will be headquartered in Paris and led by Muriel Lienau, the current chief executive officer of Nestlé's waters and premium beverages business. According to the company, the new organization is intended to provide dedicated leadership and resources for its global water and premium beverage brands following completion of the transaction in 2027.