Nestlé and Platinum Equity have announced the launch of Peranel, a 50/50 joint venture for Nestlé’s waters and premium beverages business. The transaction, announced today (23 July 2026), assigns an enterprise value of $5.6 billion to the new joint venture. It will create a new major, dedicated player in the water and premium beverages category and will be led by Nestlé Waters & Premium Beverages’ CEO, Muriel Lineau. It will bring three decades of corporate divestiture experience to Peranel, combined with Nestlé’s experience in managing joint ventures. Platinum Equity’s co-president, Louis Samson, said that the firm will bring “unique energy and focus as well as business and operational expertise” to the joint venture.