The global beverage landscape is on the verge of a major strategic shift. According to recent reports from the Financial Times, the Swiss multinational Nestlé is finalizing an agreement to divest 50% of its water division to the Californian private equity firm Platinum Equity. The transaction, which estimates the entire business unit at approximately five billion euros, represents a historic turning point for iconic brands such as S. Pellegrino, Acqua Panna, Levissima, and Perrier. In line with these expectations, Nestlé and Platinum Equity have announced the launch of a new company, Peranel. The transaction assigns an enterprise value of $5.6 billion to the new joint venture.
Towards a strategic joint venture
The proposed deal points toward the creation of a 50/50 joint venture, completing a reorganization process initiated by the group in 2024. The objective, stated by current CEO Philipp Navratil, is to transform the division into a more agile and autonomous entity. Despite previous interest from various competitors, including KKR and PAI Partners, the fund led by Tom Gores—already owner of the Detroit Pistons—now appears to be the preferred partner to provide a new direction for the group’s water segment.
Streamlining for future growth
Financial results for 2025 highlight that the bottled water business accounts for approximately 4% of Nestlé’s total turnover, with an operating profit of 322 million euros. For the multinational, this operation is part of a broader corporate simplification plan. The strategy aims to refocus resources on core activities, seeking to replicate successful models such as the Froneri joint venture (ice cream) and the division dedicated to frozen pizzas. The market remains in anticipation of official communications as a crucial chapter opens for the management of symbols representing Made-in-Italy and European excellence in the water sector.
