Nestle to put bottled water brands into Peranel venture

On 23 July 2026, Nestle said it will transfer its bottled water brands into a joint venture called Peranel, two-and-a-half years after a scandal over prohibited treatments used in natural mineral waters including Perrier.

The Swiss food group said the venture would be jointly owned with US investment firm Platinum Equity. The business will include brands such as Perrier and San Pellegrino and will cover more than 30 brands in 120 countries.

Nestle said Peranel would operate as an independent company focused on water and premium beverages. Nestle chief executive Philipp Navratil said the partnership with Platinum Equity would give Peranel more flexibility to carry out its strategy. Muriel Lienau, the chief executive of Nestle Waters, will lead the new venture. She said the arrangement would keep continuity with Nestle while adding investment and growth support from Platinum Equity.

Nestle said the transaction values Peranel at 4.9 billion euros and will generate about three billion euros in cash proceeds for the company.

The announcement follows scrutiny of France’s mineral water industry. In 2024, Le Monde and Radio France reported that at least a third of mineral water sold in France had been illegally treated with methods including ultraviolet light, carbon filters or ultra-fine micro-meshes. Under EU rules cited in the source, water sold as natural mineral water is supposed to remain unaltered between the underground source and the bottle.

Nestle also reported results for the first half of 2026. It said sales from January to June were 43.1 billion Swiss francs, or $52.9 billion, down 2.5 percent from a year earlier. Net profit fell 31.4 percent to 3.5 billion francs, which Nestle attributed to restructuring costs and asset write-downs on holdings marked for disposal.