Nestle Sells Half of Perrier and Vittel Water Business

Paris – 24 July 2026: Swiss food group Nestle is selling half of its bottled water and premium beverages business. The new joint venture Peranel is to be created together with US private equity firm Platinum Equity. Both partners are expected to hold 50 percent each. The agreement was announced on Thursday, 23 July 2026, and remains subject to several conditions.

Peranel is set to combine more than 30 brands in around 120 countries. These include the mineral water brands Source Perrier, S.Pellegrino and Acqua Panna, the international Nestle Pure Life brand and other regional offerings. In France, Vittel, Contrex and Hepar are also part of Nestle’s existing water business. The new company’s headquarters are planned for Paris.

According to the partners, the transaction values Peranel at EUR 4.9 billion, or USD 5.6 billion. Nestle expects proceeds of around EUR 3 billion from the formation of the joint venture. Completion is targeted for the first half of 2027, following consultations with employee representatives and regulatory approvals.

Peranel is to be headed by Muriel Lienau, who has so far led the business segment at Nestle. Platinum Equity points to its experience in carving out and independently developing business units. Nestle says the new structure is intended to give the brands greater scope for investment, product development and expansion. The structure now agreed does not envisage a complete separation by Nestle.

For Nestle, the move is part of a stronger focus on other core businesses. The group aims to achieve its growth and earnings targets particularly through areas such as coffee, pet food, nutrition, and food and snacks. While the water and premium beverages business remains profitable, it lags behind some of the group’s key brands in terms of growth and margins.

The carve-out comes at a time when Nestle’s French water brands are under particular public and regulatory scrutiny over past practices involving the treatment and filtration of spring and mineral water. The new ownership structure does not end these proceedings and does not change existing requirements for product quality, labeling and inspections.

For employees, sites and consumers, the announcement does not initially specify any immediate changes. The pending procedures leading up to the planned completion in 2027 will be decisive. Peranel is then expected to operate as an independent company, while Nestle and Platinum Equity jointly exercise strategic control.