Therme Group and CVC Launch €1bn Therme Horizon Joint Venture
Therme Group, a frontrunner in the development of large urban wellness centres, has teamed up with CVC, a prominent private investment firm, to unveil a strategic joint venture named Therme Horizon.
This collaboration, valued at over €1bn, merges Therme’s extensive expertise in development and operations with CVC’s financial prowess and a proven track record of investing in high-quality, founder-led enterprises.
Upon finalisation, CVC and Therme Group will hold equal stakes in Therme Horizon. This new holding company will encompass Therme Erding in Germany and Therme Bucharest in Romania, two of Europe’s most frequented wellbeing destinations, collectively attracting around 3.5 million visitors each year.
CVC is also poised to co-invest in the ongoing development of Therme Manchester, which is set to open in late 2028 as Europe’s largest water-based wellbeing destination.
Scaling Wellbeing Infrastructure
“Our partnership with CVC signifies a significant milestone in the journey of Therme Group’s global expansion,” states Robert Hanea, chairman and CEO of Therme Group.
“With CVC as our ally, we are dedicated to scaling our distinctive wellbeing infrastructure that provides enduring value to the communities we serve. CVC’s substantial investment allows us to enhance our existing presence in Europe and expedite our global development.”
With Therme Bucharest and Therme Erding at its core, Therme Horizon will act as a catalyst for strategic growth, improving Therme’s experiential wellness offerings through new developments, facility enhancements, and targeted acquisitions across Europe.
“We believe Therme is uniquely positioned to spearhead the future of wellbeing infrastructure,” remarks István Szőke, managing partner at CVC.
“This is more than just an investment; it’s a growth-focused operational partnership. Therme’s blend of wellbeing, sustainability, and experiential leisure as urban social infrastructure distinguishes them. As the demand for wellbeing-centric experiences continues to rise, we are eager to support Robert and his team in scaling their successful model and propelling the next phase of their ambitious growth.”
CVC’s investment is sourced from CVC Capital Partners IX, a €26bn fund launched in 2023 to back leading businesses in Europe and the Americas. The closing is expected in the latter half of 2025, subject to regulatory approval in Germany and Romania.
Therme Manchester is a €500m (£413m), 28-acre initiative featuring thermal and mineral pools, botanical gardens, water experiences, fitness and wellness areas, along with cultural programming. Construction on Therme Manchester commenced in October 2024.
Additionally, Therme Group has disclosed plans for 10 wellness resorts in the US over the next decade.
