Israeli mineral water group Mayanot Eden, best known for its Eden Springs office watercooler brand, has agreed to sell its European and Israeli businesses to New York-based private equity firm Rhone Capital for €70 million.

Mayanot Eden markets and distributes natural mineral water derived from the Salukia springs, located in the Golan Heights, through its subsidiaries. In Israel, the mineral water is marketed under the brand name May Eden while in Europe the products are marketed under the brand name Eden.

Eden is one Europe’s largest suppliers of watercoolers to offices, distributing more than 450 million liters of water in 16 countries to more than 600,000 clients.

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