CVC has entered a €1bn joint venture with Therme Group to launch Therme Horizon, a new holding company set to accelerate the expansion of large-scale urban wellbeing destinations across Europe.

The partnership will see CVC and Therme Group become equal shareholders in Therme Horizon, which will initially include Therme Erding in Germany and Therme Bucharest in Romania – two of the most visited wellness resorts in Europe with a combined annual footfall of 3.5 million. CVC will also co-invest in the development of Therme Manchester, scheduled to open in 2028 as Europe’s largest water-based wellbeing destination.

“This is not just an investment, it’s a growth-oriented operational partnership,” said István Szőke, Managing Partner at CVC. “Therme’s integration of wellbeing, sustainability, and experiential leisure sets them apart.”

The investment comes from CVC Capital Partners IX, a €26bn vehicle raised in 2023. The joint venture will enable strategic growth through site developments, enhancements, and targeted acquisitions across Europe.

Therme Group Chairman and CEO Robert Hanea said the agreement marks a major milestone in the company’s global expansion. “With CVC as our partner, we are committed to scaling our unique wellbeing infrastructure that delivers lasting value to the communities we serve.”

The deal is expected to close in the second half of 2025, subject to regulatory approval in Germany and Romania. Advisors to Therme Group include Alantra, Slaughter and May, K&L Gates, and PwC.

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