The companies will form a 50-50 joint venture called Peranel with an enterprise value of 4.9 billion euros
Published Thu, Jul 23, 2026 · 03:05 PM
[VEVEY, Switzerland] Nestle agreed to sell a 50 per cent stake in its bottled water business to Platinum Equity for about 3 billion euros (US$3.4 billion) in cash as chief executive officer Philipp Navratil carries through on a plan to prune underperforming units.
Platinum, the private equity firm backed by billionaire Tom Gores, outlasted other suitors in pursuing the business, which houses brands including Perrier and S Pellegrino.
The companies will form a 50-50 joint venture called Peranel with an enterprise value of 4.9 billion euros, they said in a statement Thursday (Jul 23).
Separately, the Swiss foodmaker reported that organic sales rose 3.6 per cent in the first half, exceeding analysts’ estimates for 3.51 per cent growth. Real internal growth, a key metric of volumes, was 1.5 per cent.
Nestle is selling the water stake as part of a turnaround plan that’s aimed at refocusing on core brands. The company in April announced the sale of its Blue Bottle Coffee chain, and has also held talks with possible buyers for its struggling vitamin business.
Nestle’s water operations have been troubled in recent years, hurt by tepid consumer demand and investigations and lawsuits related to the use of filtration and treatment methods on some bottled water products. BLOOMBERG
