Aquardens: Majority Stake Acquired by Eurazeo with Strategic Growth Plans
Deal News | Jun 11, 2025 | Legal Community Italy
Eurazeo, a prominent European investment firm, has finalized the acquisition of a majority stake in Aquardens, Italy's largest thermal park operator. This transaction marks the first investment by Eurazeo's newly launched EZORE fund, focusing on operational assets with a real estate base in Europe. The investment aims to support Aquardens' expansion and growth, including a comprehensive decarbonization of its facilities and alignment with Eurazeo's ESG O+ program to enhance social and governance standards. Alongside Eurazeo, Aquardens’ existing management has reinvested to aid in achieving these development goals. Legal support for Eurazeo was provided by BonelliErede, coordinating multi-faceted legal aspects from corporate to regulatory concerns. The acquisition financing was structured by a consortium of banks, providing a €60 million medium-long term loan. Legance - Avvocati Associati provided advisory for the banks. The funds will facilitate the purchase and subsequent expansion and development of the Pescantina-based Aquardens. Additionally, consultancy and legal services were rendered by several esteemed firms to ensure a smooth transaction process.
Sectors
- Private Equity
- Leisure & Tourism
- Real Estate
Geography
- Italy – Aquardens is an Italian thermal park operator, and the transaction involves multiple Italian legal and financial entities.
- Europe – Eurazeo’s EZORE fund focuses on investments in real estate operating assets across Europe, including this recent acquisition.
Industry
- Private Equity – Eurazeo, a leading private equity firm, has made a significant investment in Aquardens.
- Leisure & Tourism – Aquardens is a major player in the thermal park sector, part of the leisure and tourism industry in Italy.
- Real Estate – The transaction involves real estate operational assets, which is a focus area of Eurazeo's EZORE fund.
Financials
- €60,000,000 – The amount organized by a pool of banks for medium-long term financing to facilitate the acquisition and development of Aquardens.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Aquardens | Target | Company | Italy's leading operator in the thermal park sector. |
| Eurazeo | Bidding Company/Buyer | Company | A major European investment firm making its first acquisition through the EZORE fund. |
| BonelliErede | Legal Advisor | Company | Provided comprehensive legal support to Eurazeo for the acquisition. |
| Legance - Avvocati Associati | Legal Advisor for Banks | Company | Advised the banks providing financing for the acquisition. |
| Fratta Pasini e Associati | Legal Advisor for Sellers | Company | Assisted the selling shareholders with legal advice. |
| Thermae Newco | Acquisition Vehicle | Company | The entity used for acquiring Aquardens' shares. |