CVC has signed a deal, valued at over €1bn, with Therme Group, a global provider of large-scale urban wellbeing destinations, to form a strategic joint venture named Therme Horizon.
Upon closing, CVC and Therme Group will become equal partners in Therme Horizon, a new holding company comprising Therme Erding in Germany and Therme Bucharest in Romania, two of Europe’s most visited wellbeing destinations, with approximately 3.5 million guests annually between them.
CVC will also co-invest in the development of Therme Manchester, which is currently underway and on track to open in late 2028 as the largest water-based wellbeing destination in Europe.
Anchored by Therme Bucharest and Therme Erding, Therme Horizon will serve as a platform for strategic growth, expanding Therme’s experiential wellness offering through new developments, facility enhancements, and targeted acquisitions across Europe.
CVC’s investment is being made through CVC Capital Partners IX, a €26bn fund raised in 2023 to back market-leading businesses across Europe and the Americas.
Closing is expected in the second half of 2025, subject to regulatory approval in Germany and Romania.
Therme Group is being advised by Alantra, Slaughter and May, K&L Gates, and PwC.
