PLATINUM EQUITY AND NESTLÉ TO CREATE PERANEL, A $5.6 BILLION LEADER IN WATER AND PREMIUM BEVERAGES

Platinum Equity and Nestlé announced today a plan to create Peranel, a 50/50 joint venture for Nestlé's waters and premium beverages business, designed to establish a dedicated player with an enhanced focus to drive organic and inorganic growth in a dynamic category.Spanning more than 30 brands with products sold in 120 countries, Peranel includes iconic natural mineral water brands such as S.Pellegrino, Source Perrier and Acqua Panna as well as premium and functional hydration beverages, the global Nestlé Pure Life brand and other leading local water brands. Headquartered in Paris, Peranel will be led by an experienced management team under Muriel Lienau, the current CEO of the business.The transaction, which assigns an enterprise value of $5.6 billion (EUR 4.9 billion) to Peranel, is subject to employee consultation processes and applicable regulatory approvals and is expected to close by the first half of 2027."We are honored to have earned Nestlé's confidence and are excited to be their partner," said Platinum Equity Co-President Louis Samson. "I'm particularly proud of the trust Nestlé and Peranel's management have shown in our operational acumen and ability to execute. We bring unique energy and business expertise to the table, and when combined with their world-class product development, execution and marketing capabilities, we believe our joint venture creates a powerful partnership and a very strong team. We have great respect for Peranel's brands, the people that bring them to life and the customers and communities they serve. We will leverage our extensive experience in establishing and supporting stand-alone companies to create long-term value."Platinum Equity is a global investment firm with approximately $48 billion of assets under management. Together with Nestlé's expertise in managing joint ventures, Platinum Equity brings to Peranel three decades of experience with corporate divestitures, supporting management teams and leading complex transformation initiatives.The firm has previously established similar partnerships with companies including Ball Corporation, Caterpillar, Danone, Emerson Electric, Ingersoll Rand, Kohler and Telstra, among others."By partnering with Platinum Equity, Peranel will be better positioned to execute its strategy with enhanced agility," said Philipp Navratil, CEO, Nestlé. "Through additional focus, it will be well equipped to drive its long-term growth ambitions by strengthening this unique portfolio of international and local brands, with continued investments in innovation, premiumization, operational excellence and sustainability."Muriel Lienau, who has been with Nestlé for more than 30 years, added: "This announcement marks an important milestone for our teams and an exciting new chapter in the evolution of our business. I am grateful both for the continued support of Nestlé and pleased to be joined by Platinum Equity in our ambitious journey."As an independent company focused exclusively on water and premium beverages, Peranel will have full flexibility to invest in its brands and pursue growth opportunities across its global portfolio. The business includes an in-house R&D team that has contributed to approximately 120 launches since 2022, with a robust pipeline of new products in development."We are investing in some of the fastest-growing parts of the beverage market, supported by long-term trends around health, wellness, hydration and premium products," said Platinum Equity Managing Director Igor Chacartegui. "Peranel represents a remarkable collection of iconic brands that consumers know and trust around the world. We look forward to working alongside Muriel and her team to expand their reach and support their continued organic growth. We'll also bring our M&A capabilities to help build upon and sharpen Peranel's existing portfolio."Samson said the partnership with Nestlé marks another important milestone for Platinum Equity in Europe and its investment team based in London."Peranel will be a cornerstone investment for our firm," Samson added. "It's another large, complex transaction that highlights the strength of the platform we've built in Europe. Over the past several years we have developed a sizeable European business with dealmaking and operational capabilities in the region comparable to what we have long had in North America. That level of maturity allows us to take on opportunities of this scale that tap into the full breadth of our M&A&O toolkit."Platinum Equity's current European portfolio includes a dozen companies across the UK, Germany, Italy, France, the Netherlands and Spain, including the acquisitions of Solo Group and XD Connects, pan-European suppliers of custom-branded merchandise and promotional goods; and Sunrise Medical, a leader in assisted mobility solutions.Bank of America is serving as financial advisor to Platinum Equity on the Peranel investment. Latham & Watkins LLP is serving as legal advisor to Platinum Equity on the transaction.

PLATINUM EQUITY AND NESTLÉ TO CREATE PERANEL, A $5.6 BILLION LEADER IN WATER AND PREMIUM BEVERAGES

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