Therme Group, a leader in developing large urban wellness centres, and CVC, a leading private investment firm, have announced a strategic joint venture named Therme Horizon.
This partnership, valued at more than €1bn, combines Therme’s established expertise in development and operations with CVC’s financial strength and a history of investing in high-quality, founder-led companies.
Upon closing, CVC and Therme Group will become equal partners in Therme Horizon. This new holding company comprises Therme Erding in Germany and Therme Bucharest in Romania, two of Europe’s most visited wellbeing destinations, which together welcome approximately 3.5 million guests annually.
CVC is also set to co-invest in the ongoing development of Therme Manchester, scheduled to launch in late 2028 as Europe’s largest water-based wellbeing destination.
Scaling wellbeing infrastructure
“Our partnership with CVC marks a major milestone in the trajectory of Therme Group’s global expansion,” says 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.”
Anchored by Therme Bucharest and Therme Erding, Therme Horizon will serve as a catalyst for strategic growth, enhancing Therme’s experiential wellness offerings through new developments, facility upgrades, and targeted acquisitions across Europe.
“We believe Therme is uniquely positioned to lead the future of wellbeing infrastructure”, says 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’s investment comes from CVC Capital Partners IX, a €26bn fund established in 2023 to support top businesses in Europe and the Americas. Closing is anticipated in the second half of 2025, pending regulatory approval in Germany and Romania.
Therme Manchester is a €500m (£413m), 28-acre project featuring thermal and mineral pools, botanical gardens, water experiences, fitness and wellness spaces, and cultural programming. Building work on Therme Manchester started in October 2024.
Therme Group has also revealed plans for 10 wellness resorts in the US over the next decade.
