Therme Group and CVC to Partner on €1 Billion Therme Horizon Joint Venture to Expand Wellbeing Destination Platform

LONDON, June 17, 2025 /PRNewswire/ -- Therme Group, a global leader in large-scale urban wellbeing destinations, and CVC, one of the world's leading private markets investment firms, today announced the signing of a strategic joint venture, named Therme Horizon. In a deal valued at over €1 billion, the partnership brings together Therme's proven expertise as a developer and operator with CVC's financial strength and track record of investing in high-quality, founder-led businesses.

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, together welcoming approximately 3.5 million guests annually. 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.

"Our partnership with CVC marks a major milestone in the trajectory of Therme Group's global expansion," said Robert Hanea, Chairman and CEO of Therme Group. "With CVC as our partner, we are committed to scaling our unique wellbeing infrastructure that delivers lasting value to the communities we serve. CVC's significant investment enables us to grow our existing presence in Europe and accelerate our global development."

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.

"We believe Therme is uniquely positioned to lead the future of wellbeing infrastructure", said István Szőke, Managing Partner at CVC. "This is not just an investment, it's a growth-oriented operational partnership. Therme's integration of wellbeing, sustainability, and experiential leisure as urban social infrastructure sets them apart. As demand for wellbeing-focused experiences continues to grow, we're excited to support Robert and his team in scaling their proven model and driving the next phase of their ambitious growth."

CVC's investment is being made through CVC Capital Partners IX, a €26 billion 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.

About Therme Group
Therme Group is a global developer, owner, and operator of next-generation wellbeing destinations—large-scale urban resorts that integrate nature, sustainable design, and cultural programming to improve individual and collective wellbeing. Its mission is to make wellbeing accessible and enjoyable for all. Current flagship destinations include Therme Bucharest—the first LEED Platinum-certified wellbeing resort—and Therme Erding, Europe's largest and most visited thermal destination. New destinations are in various stages of development in Manchester, Frankfurt, Incheon, Toronto, Washington D.C., Dallas and Dubai. For more information, visit: thermegroup.com.

What is a Therme

Therme by Therme Group is a state-of-the-art wellbeing oasis designed to make wellbeing enjoyable and accessible to all, removing the exclusivity and privilege often associated with modern wellness brands. Each Therme offers a diverse range of experiences, from thermal bathing and spa treatments to wellness programming and cultural engagement, all within immersive, sustainable environments. With hundreds of thousands of square feet dedicated to wellbeing, each Therme features thermal and mineral pools, dozens of saunas and wet rooms, thousands of relaxation beds, lush greenery including plants and trees, swim-up bars, exhilarating waterslides, and a variety of restaurants. At Therme, you can explore and define what wellbeing means to you.

About CVC

CVC is a leading global private markets manager with a network of 30 office locations throughout EMEA, the Americas, and Asia, with approximately €202 billion of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit and infrastructure, for which CVC funds have secured commitments of over €260 billion from some of the world's leading pension funds and other institutional investors. Funds managed or advised by CVC's private equity strategy are invested in approximately 140 companies worldwide, which have combined annual sales of over €168 billion and employ over 600,000 people. For further information about CVC please visit: https://www.cvc.com/. Follow us on LinkedIn.

CVC has a long-standing and successful track record of backing founders, entrepreneurs, and family-owned businesses, with many examples in EMEA and Germany such as Future Life, a leading pan-European IVF provider with HQ in Czechia; Packeta, a leading e-commerce logistics player in CEE; Sunday Natural, the fastest-growing brand for premium nutrition in German-speaking countries; and The Quality Group, one of the leading European fitness nutrition and "better for you" food brands.

SOURCE Therme Group