In a landmark move set to reshape the future of urban wellness, Therme Group—renowned for its innovative large-scale wellbeing destinations—and CVC, one of the world’s leading private markets investment firms, have announced the formation of a strategic joint venture valued at over €1 billion.
The partnership, named Therme Horizon , unites Therme’s expertise in developing immersive, sustainable wellbeing experiences with CVC’s financial strength and deep experience investing in high-growth, founder-led enterprises. Under the terms of the agreement, both parties will hold equal stakes in Therme Horizon, a new holding company that includes two of Europe’s most visited thermal resorts: Therme Erding in Germany and Therme Bucharest in Romania. Combined, these sites attract approximately 3.5 million visitors annually.
CVC will also co-invest in the ongoing development of Therme Manchester , currently under construction and slated to open in late 2028 as the largest water-based wellbeing destination in Europe.
A Shared Vision for Global Expansion
Robert Hanea, Chairman and CEO of Therme Group, described the joint venture as a pivotal moment in the company’s global growth strategy.
“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” said Hanea.
Founded in Austria and now operating across multiple continents, Therme Group is a global leader in next-generation wellbeing destinations—urban resorts that blend nature, sustainability, and cultural programming to promote holistic health. Its mission is simple yet transformative: make wellbeing accessible and enjoyable for all.
Current flagship properties include Therme Bucharest , the first LEED Platinum-certified wellbeing resort in the world, and Therme Erding , Europe’s largest and most visited thermal destination. New developments are underway in Manchester, Frankfurt, Incheon, Toronto, Washington D.C., Dallas, and Dubai.
Each Therme property offers a wide array of experiences—from thermal bathing and spa treatments to wellness programs and cultural events—all within immersive, plant-filled environments. With sprawling facilities featuring mineral pools, saunas, relaxation zones, swim-up bars, waterslides, and dining options, Therme aims to redefine what wellbeing means to individuals and families.
CVC Bets Big on Wellness Infrastructure
István Szőke, Managing Partner at CVC, emphasized the firm’s belief in Therme’s long-term vision. “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.”
István Szőke, Managing Partner at CVC (Credit: CVC)
“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, a global private markets manager with approximately €202 billion in assets under management, has a strong history of supporting founders and family-owned businesses. The firm manages funds totaling more than €260 billion from some of the world’s most prestigious pension funds and institutional investors.
The Therme deal is being backed through CVC Capital Partners IX , a newly raised fund totaling €26 billion aimed at supporting market-leading businesses across Europe and the Americas. CVC’s private equity portfolio includes investments in around 140 companies globally, generating combined annual sales of over €168 billion and employing more than 600,000 people.
Notable past investments include Future Life , a pan-European IVF provider; Packeta, a CEE logistics leader; Sunday Natural, a premium nutrition brand; and The Quality Group, a European leader in fitness nutrition and healthy food.
Looking Ahead
Therme Horizon is expected to act as a springboard for further expansion, enabling the group to enhance existing facilities, pursue targeted acquisitions, and develop new destinations throughout Europe. The transaction is expected to close in the second half of 2025, pending regulatory approvals in Germany and Romania. Advisors to Therme Group on the transaction include Alantra, Slaughter and May, K&L Gates, and PwC.
