UK-based Osmosis Buyers Limited, part of the US Culligan Group, recently acquired Rainbow Waters, a company that, among other things, produces the Dioni bottled water.
Among Culligan’s investors are US tech billionaire Michael Dell and Mubadala, one of Abu Dhabi’s sovereign wealth funds.
Even though the two parties did not announce the price of the transaction, it is estimated that the agreement amounts to 10 times the company’s operating profit and that its total value was at about €26 million.
Changes in Rainbow’s board of directors were made in mid-July; the company’s two founders, Michalis Frangetis and Ioannis Droseros, remained as chairman and vice chairman, respectively, and as co-CEOs.
Rainbow Waters has 390 employees; in 2025, it posted turnover of €26.7 million, up 7.94% on 2024.
