Eden Springs sells Europe, Israel business to Rhone Capital

(Reuters) – Mayanot Eden, best known for its Eden Springs office watercooler brand, agreed to sell its European and Israeli operations to New York-based private equity firm Rhone Capital LLC for 70 million euros ($93.4 million).

The operations being sold have an enterprise value of 240 million euros including 170 million in debt, the company said in a statement to the Tel Aviv Stock Exchange.

In January 2012, it said it had appointed investment bankers to review its business.

Eden is one Europe’s largest suppliers of watercoolers to offices, distributing more than 450 million litres of water yearly to some 600,000 customers in 15 countries.

In its home market it sells under the popular Mey Eden brand, drawing water from the Golan Heights, an area Israel captured from Syria that is a flash point for Arab and Israeli tensions.

In the first quarter, Mey Eden posted a net profit of 1.81 million euros, compared with a loss of 829,000 a year earlier. Revenue grew to 61.6 million euros from 60.6 million.

($1 = 0.7496 euros) (Reporting by Steven Scheer)

 

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