VEVEY, SWITZERLAND — Nestle SA and the private equity company Platinum Equity, Beverly Hills, Calif., have created a 50:50 joint venture called Peranel that will own and operate Nestle’s waters and beverage businesses. The business will include more than 30 brands around the world, including S. Pellegrino, Perrier and Nestle Pure Life.

“By partnering with Platinum Equity, Peranel will be better positioned to execute its strategy with enhanced agility,” said Philipp Navratil, chief executive officer of Nestle. “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.”

Once the transaction is completed, Peranel will have an enterprise value of 4.5 billion Swiss francs ($5.5 billion) and Nestle will receive 2.8 billion Swiss francs ($3.4 billion) at closing.

“We are excited to partner with Nestle and take this next step together,” said Louis Samson, co-president of Platinum Equity. “We bring unique energy and focus as well as business and operational expertise to the table. Combined with Nestle’s and Peranel’s world-class product development, execution and marketing capabilities, our joint venture creates a powerful partnership and a very strong team.”

The new business will be headquartered in Paris and will be led by Muriel Lienau, the current CEO of the waters business.

Nestle announced plans to divest its global waters business in November 2024.

Source https://www.foodbusinessnews.net/articles/30715-nestle-to-divest-waters-business-through-joint-venture