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’re excited to support Robert and his team in scaling their proven model and driving the next phase of their ambitious growth.
István Szőke Managing Partner at CVC
“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.