Key Takeaways
- • CVC Capital Partners acquires 50% stake in Therme Group for €1 billion, establishing an equal partnership through the new Therme Horizon holding company that will drive European expansion of wellness destinations.
- • Portfolio comprises two flagship European assets: Therme Erding (Germany) and Therme Bucharest (Romania), described as among Europe's most visited wellbeing destinations, with co-investment in Therme Manchester under development.
- • Therme Manchester positions as transformational European asset, expected to launch in late 2028 as the continent's largest water-based wellbeing destination, anchoring CVC's growth platform in the experiential wellness sector.
- • Therme Horizon structured as expansion platform targeting strategic growth across Europe through new facility development, enhancements to existing assets, and targeted acquisitions within the urban wellness category.
- • White & Case led comprehensive transaction advisory with 26-person team across London, Frankfurt, Berlin, and Abu Dhabi offices, indicating deal complexity across multiple European jurisdictions.
Summary
CVC Capital Partners has completed a €1 billion partnership with Therme Group to establish Therme Horizon, a new holding company positioned as a platform for European wellness destination expansion. The transaction grants CVC a 50% stake in Therme Group, making the two entities equal partners in the newly formed entity. The deal marks a significant move by the alternative asset manager into the experiential wellness sector, which CVC characterizes as an emerging category of urban infrastructure rather than a discretionary lifestyle vertical.
The partnership consolidates two established European wellness anchors under common ownership. Therme Erding in Germany and Therme Bucharest in Romania—both ranked among Europe's most visited wellbeing destinations—form the core operating assets within Therme Horizon. Beyond these existing facilities, CVC will co-invest in Therme Manchester, an ambitious development project currently under construction and scheduled to open in late 2028. The Manchester facility is positioned as Europe's largest water-based wellbeing destination, representing the flagship project within Therme Horizon's expansion strategy.
Therme Group has positioned Therme Horizon as a growth platform designed to drive strategic expansion across Europe through multiple pathways: development of new facilities, targeted enhancements to existing properties, and selective acquisitions within the urban wellness sector. The transaction structure reflects confidence in the durability of wellness-focused real estate as an institutional investment category, with CVC's participation signaling institutional capital's commitment to the space at scale.
White & Case served as legal advisor to CVC throughout the transaction, with the engagement requiring coordination across multiple European jurisdictions. The legal team, comprising 26 professionals led by partners Ben von Maur (London) and Steven Worthington (Abu Dhabi), included specialists across Frankfurt, Berlin, and additional London-based practitioners covering corporate, real estate, and regulatory dimensions of the cross-border partnership structure.
The partnership consolidates two established European wellness anchors under common ownership. Therme Erding in Germany and Therme Bucharest in Romania—both ranked among Europe's most visited wellbeing destinations—form the core operating assets within Therme Horizon. Beyond these existing facilities, CVC will co-invest in Therme Manchester, an ambitious development project currently under construction and scheduled to open in late 2028. The Manchester facility is positioned as Europe's largest water-based wellbeing destination, representing the flagship project within Therme Horizon's expansion strategy.
Therme Group has positioned Therme Horizon as a growth platform designed to drive strategic expansion across Europe through multiple pathways: development of new facilities, targeted enhancements to existing properties, and selective acquisitions within the urban wellness sector. The transaction structure reflects confidence in the durability of wellness-focused real estate as an institutional investment category, with CVC's participation signaling institutional capital's commitment to the space at scale.
White & Case served as legal advisor to CVC throughout the transaction, with the engagement requiring coordination across multiple European jurisdictions. The legal team, comprising 26 professionals led by partners Ben von Maur (London) and Steven Worthington (Abu Dhabi), included specialists across Frankfurt, Berlin, and additional London-based practitioners covering corporate, real estate, and regulatory dimensions of the cross-border partnership structure.
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