Aquardens: Eurazeo acquisisce maggioranza e guida crescita sostenibile
Deal News | Feb 27, 2025 | Finance Community IT - 1 Corporate M&A

Eurazeo has acquired a majority stake in Italian thermal park operator Aquardens, marking the first investment for its EZORE Fund, which was launched in December 2024. This transaction emphasizes the fund's strategy to invest in operational real estate across Europe. The current management team of Aquardens will co-invest with Eurazeo to support business growth. Aquardens, the largest thermal park in Italy, is positioned near popular tourist destinations and employs over 100 full-time staff. Eurazeo plans to innovate and improve the customer offering by adding new spa and sauna facilities and developing a four-star hotel on site. Moreover, Eurazeo is committed to sustainability, aiming to reduce the park's emissions and promote responsible water usage. Their EZORE strategy is driven by structural trends such as service penetration in traditional asset classes, experience-oriented consumption in hospitality, and an aging demographic. Eurazeo's proven track record in operational real estate will be leveraged to enhance Aquardens' value.
Sectors
- Real Estate
- Hospitality and Leisure
Geography
- Italy – Aquardens is the largest thermal park in Italy, headquartered in Verona and located near several Italian tourist destinations.
- Europe – Eurazeo's strategy with the EZORE Fund encompasses investments throughout Europe in operational real estate.
Industry
- Real Estate – The transaction focuses on investments in operational real estate, with Eurazeo's strategy aiming to create value through enhancements in physical assets and operations.
- Hospitality and Leisure – Aquardens provides leisure and wellness services, making it a major player in the hospitality sector with offerings like spas and saunas.
Financials
Participants
Name | Role | Type | Description |
---|---|---|---|
Eurazeo | Bidding Company | Company | Eurazeo is a leading global investment company, making its first investment through its newly launched EZORE Fund. |
Aquardens | Target Company | Company | Aquardens is Italy's largest thermal park offering a wide range of wellness services. |
Clearwater | Financial Advisor | Company | Clearwater acted as a financial advisor to Eurazeo in this transaction. |
Intesa Sanpaolo - Divisione IMI CIB | Financial Advisor | Company | Intesa Sanpaolo provided financial advisory services to Aquardens. |