We recently applied a Wertheim integral equation theory (IET) and a thermodynamic perturbation theory (TPT) to the Mercedes-Benz (MB) model of pure water. These analytical theories offer the advantage of being computationally less intensive than the Monte Carlo simulations by orders of magnitudes. The long-term goal of this work is to develop analytical theories of water that can handle orientation-dependent interactions and the MB model serves as a simple workbench for this development. Here we apply the IET and TPT to the hydrophobic effect, the transfer of a nonpopular solute into MB water. As before, we find that the theories reproduce the Monte Carlo results quite accurately at higher temperatures, while they predict the qualitative trends in cold water.