Mayanot will sell the assets, which has an enterprise value of €240m with €170m of debt, for €70m, the company said in a regulatory statement.
The company is present in 15 countries and distributes more than 450 million litres of water annually and services more than 600,000 clients.
Earlier this year Rhone acquired the bakery supplies business of food group CSM for €1.05bn.
Rhône has more than €3bn under management and focuses on private equity investments in businesses with a pan-European or transatlantic presence.
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