Water and coffee services provider Eden Springs has signed an agreement for the sale of its business to investment funds affiliated with Rhône Capital LLC. The acquisition is being made based on an enterprise value for Eden of circa €240m.
Following the completion of the proposed transaction, the company’s existing management team, with support from Rhône Capital and its affiliates (Rhône), will continue to develop and grow the company through investing in organic growth, developing new products and pursuing consolidation of complementary businesses.
Commenting on the announcement, Raanan Zilberman, Eden’s CEO, who continues to lead the management team of the company, said: “We view the transaction as an opportunity to accelerate the company’s expansion plans. The business strategy, as outlined over the past years, which consists in further developing our full offering of water and coffee products and services, requires investment in marketing, equipment, business development and in acquisition of complementary companies. The company is also exploring entering new geographical markets and in particular Eastern Europe, where demand for mineral water is growing.
“We are pleased to partner with Rhône and are looking forward to implementing our shared vision, which we believe will benefit from Rhône’s experience in successfully building, and creating value in, businesses it has acquired.”
Established in 1996, Rhône is a global private equity firm with a focus on investments in market leading businesses with a pan-European or transatlantic presence and expansion prospects. Rhône has offices in London and New York and currently holds investments in a diversified portfolio of companies including investments in the chemicals, consumer products, food, industrial, materials, mining, and shipping industries.
Eden is the largest company in its field in Europe. The company provides water and coffee services to more than half am offices across the 15 countries in which it has presence, and operates a network of circa 27 springs, 150 branches and 1,000 service vehicles. Eden has a turnover of circa €260m and earnings before interest, taxes depreciation and amortisation (operating EBITDA) of circa €50m representing approximately 19% of turnover.