Private equity fund CVC and Therme Group, the developer, owner, and operator of wellbeing destinations, have partnered for Therme Horizon, a new holding company comprising Therme Erding in Germany and Therme Bucharest in Romania.

In a deal valued at over EUR 1 billion, CVC and Therme Group will become equal partners in Therme Horizon. CVC will also co-invest in the development of Therme Manchester, which is 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 wellness offering through new developments, facility enhancements, and targeted acquisitions across Europe, the companies said.

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." 

CVC's investment is being made through CVC Capital Partners IX, a EUR 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.

"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."

"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 is a global private markets manager with approximately EUR 202 billion of assets under management. Funds managed or advised by CVC's private equity strategy are invested in approximately 140 companies worldwide.

Therme Group is a global developer, owner, and operator of wellbeing destinations: large-scale urban resorts that integrate nature, sustainable design, and cultural programming. Current flagship destinations include Therme Bucharest and Therme Erding. New destinations are in various stages of development in Manchester, Frankfurt, Incheon, Toronto, Washington D.C., Dallas and Dubai.

(Photo: Therme Bucharest by Lenutaidi | Dreamstime.com)

simona@romania-insider.com