New corporate structure for San Pellegrino. Twenty-eight years after its acquisition by Nestlé, the famous Italian mineral water brand enters a new industrial phase. The Swiss agri-food giant has signed an agreement in recent days with the American private equity company Platinum Equity for the creation of Peranel, a 50/50 joint venture intended to bring together the group’s entire global portfolio of premium waters and beverages.
Three billion in proceeds for Nestlé
The operation values the new entity at 4.9 billion euros and will allow Nestlé to receive proceeds estimated at approximately 3 billion euros at closing, expected by the first half of 2027 after the green light from the antitrust authorities and the union consultation phase. The new company, which will be based in Paris and led by Muriel Lienau – already at the top of Nestlé’s water division – will have over 30 brands marketed in 120 global markets, including leading figures such as Acqua Panna and the French Perrier.
What’s happening in Italy
No operational upheavals are foreseen for the Italian industrial reality. Since its historic foundation in 1899 in San Pellegrino Terme (Bergamo) on the initiative of the lawyer Cesare Mazzoni, the link with Lombardy remains unchanged. The company maintains production in 5 Italian factories, employing around 1,400 people and recording an annual production of over one billion bottles destined for 150 countries.
Group strategy
The operation is part of the reorganization of Nestlé promoted by CEO Philipp Navratil, aimed at focusing resources and capital on the most profitable core businesses – such as coffee, petcare and nutrition – granting greater operational autonomy to the peripheral divisions. The context, in fact, is outlined by struggling revenues and the contraction in sales volumes in recent years. A reduction in the workforce of approximately 6% (16 thousand people globally) is expected by 2027, with expected savings of 3 billion Swiss francs (3 billion euros).
For its part, Platinum Equity brings with it a consolidated specialization in industrial carve-out operations (splitting and separating a business branch). The stated objective of the joint venture is to guarantee Peranel the financial flexibility necessary to accelerate investments in “innovation, premium repositioning and sustainability”, we read in a statement.
What changes for San Pellegrino
In the managers’ intent, for the Bergamo-based producer the entry into the Peranel joint venture represents the opportunity to free itself from the not exactly agile logic of a maxi-industrial giant to operate with the speed and reactivity of a company entirely focused on water premium.
The financial endowment and experience in operational relaunches brought by the Platinum Equity fund will allow the Italian brand to “accelerate investments in product innovation, sustainability and penetration into high-growth international markets”, enhancing the excellence of the Made in Italy on an autonomous and flexible global platform.