Nestlé is selling half of a water business consisting of Perrier, S.Pellegrino, and more than 30 other beverage brands to Platinum Equity, a private equity firm.
The move comes five years after the company excluded the premium labels from a $4.3 billion sale of most of its North American water operation.
The food giant will receive approximately €3 billion, or $3.4 billion, in cash by transferring the brands into Peranel, a new Paris-based company valued at €4.9 billion, or roughly $5.6 billion. Nestlé and Platinum will each own 50 percent of the business, which is expected to begin operating independently during the first half of 2027.
The deal gives Nestlé billions in cash while allowing it to retain half the upside if Platinum can improve the division’s relatively weak margins or expand it through acquisitions.
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Peranel will be led by Muriel Lienau, the longtime Nestlé executive who currently runs its water division. Its brands are sold in 120 countries and include Perrier, S.Pellegrino, Acqua Panna, Maison Perrier, Sanpellegrino beverages, and Nestlé Pure Life.
Platinum founder Tom Gores launched the firm in 1995 with $200,000 and a strategy of buying overlooked corporate assets and improving their operations. Platinum now manages approximately $48 billion and specializes in turning divisions carved out of larger companies into standalone businesses.
Growth wasn’t enough
The Nestlé operation is growing. Its waters and premium beverages division posted 5.1 percent organic growth during the first half of 2026, compared with 3.6 percent across Nestlé. Growth accelerated to 6.6 percent in the second quarter.
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