Partnering for a EUR 1 billion Joint Venture: Therme Group and CVC Join Forces to Develop a Bucharest Wellness Complex
Here's a fresh take:
för Private equity giant CVC and Therme Group, a mastermind behind serene destinations for overall well-being, have teamed up to birth Therme Horizon. This new venture is worth a whopping billion Euros, making CVC and Therme Group equal partners in this grand endeavor. CVC will also pool resources for Therme Manchester, slated to open around 2028, marking Europe's largest water-based well-being haven.
anchored by Therme Bucharest in Romania and Therme Erding in Germany, Therme Horizon will serve as a conduit for strategic expansion, pushing Therme's wellness offerings skyward. New facilities, upgrades, and select acquisitions throughout Europe are on the horizon, according to both companies.
This strategic union brings together Therme's proven prowess in developing and managing large-scale urban wellness oases, and CVC's financial muscle and knack for investing in top-tier businesses, particularly those with founders at the helm. CVC's investment stems from their €26 billion fund raised in 2023, earmarked for subsidizing thriving businesses across Europe and America.
Closing the deal is anticipated in the second half of 2025, contingent on regulatory green lights from Germany and Romania.
"Therme and CVC's alliance marks a significant leap forward in Therme Group's global expansion journey," said Robert Hanea, Therme Group's Chairman and CEO. "With CVC as our companion, we vow to amplify our unique wellness infrastructure, providing enduring value to the communities we serve. This magnanimous investment propels us to strengthen our existing European positions and quicken our global expansion."
István Szőke, Managing Partner at CVC mused, "We believe Therme stands tall in crafting the future of wellness infrastructure. This isn't merely an investment; it's a growth-oriented operational partnership. Therme's symbiotic blend of wellness, sustainability, and experiential leisure as urban social infrastructure sets them apart. As interest in wellness-centric experiences explodes, we're thrilled to join forces with Robert and the team in expanding their triumphant model and driving their ambitious growth."
CVC, with approximately €202 billion in managed assets, is a global private equity manager. CVC's private equity strategy is invested in approximately 140 companies worldwide.
Therme Group, on the other hand, is a globe-trotting developer, owner, and operator of wellness destinations. These vast urban resorts integrate nature, eco-conscious design, and cultural programming. Therme Bucharest and Therme Erding lead the roster, with new developments in Manchester, Frankfurt, Incheon, Toronto, Washington D.C., Dallas, and Dubai at various stages.
(Photo: Therme Bucharest by Gorguts | Dreamstime.com)
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Finance plays a crucial role in Therme Group's growth as CVC, a private equity giant, invests €26 billion from its 2023 fund to subsidize thriving businesses. This investment will strengthen Therme's existing European positions and quicken its global expansion in the business of developing and managing large-scale urban wellness oases.
