Nestle to move bottled water business into Peranel joint venture

On 23 July 2026, Nestle said it will create a joint venture for its bottled water business, including brands such as San Pellegrino, Source Perrier and Acqua Panna.

The Swiss food group said it would transfer the business into a company called Peranel, which would be jointly owned by US investment firm Platinum Equity. Nestle said Peranel will cover more than 30 brands in 120 countries.

Nestle said the new company would focus only on water and premium beverages and would have more flexibility to invest in its brands and pursue growth. Chief executive Philipp Navratil said the partnership with Platinum Equity would help Peranel carry out its strategy with greater agility and support long-term growth through investment in innovation, premiumisation, operations and sustainability.

Nestle said the transaction values Peranel at 4.9 billion euros and would generate about three billion euros in cash proceeds for the group. The joint venture will be based in Paris and led by Muriel Lienau, who is currently head of Nestle Waters.

Nestle also reported results for the first six months of 2026. From January to June, the company reported sales of 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. Nestle said the decline was due to restructuring costs and asset write-downs on holdings marked for disposal.

The company owns more than 2,000 brands, including Nespresso coffee pods and Maggi bouillon cubes.