Therme Group Partners with CVC in €1 Billion Joint Venture
Deal News | Jun 18, 2025 | White & Case LLP
White & Case LLP, a global law firm, has provided legal counsel to CVC Capital Partners on forming a joint venture with Therme Group, named Therme Horizon, valued at €1 billion. CVC, a large private equity firm, has acquired a 50% stake in Therme Group, encompassing Therme Erding in Germany and Therme Bucharest in Romania, which are two of Europe's prominent wellbeing destinations. This partnership aims to further develop and expand Therme’s experiential wellness offerings across Europe. The investment will also go towards Therme Manchester, set to become Europe's largest water-based wellbeing destination upon its completion in 2028. White & Case's role as the advisor was led by an extensive team of partners and associates across various international offices.
Sectors
- Private Equity
- Wellness & Leisure
- Legal Services
Geography
- Europe – Therme's current facilities and developments, including in Germany and Romania, as well as planned expansion projects across Europe, underline the geographical focus.
- Germany – Site of Therme Erding, one of the key assets involved in the joint venture.
- Romania – Location of Therme Bucharest, also part of the joint venture.
- United Kingdom – Planned site for Therme Manchester, set to be Europe's largest water-based wellbeing destination.
Industry
- Private Equity – The investment by CVC Capital Partners highlights the role of private equity firms in strategic acquisitions and growth partnerships.
- Wellness & Leisure – Therme Group specializes in wellness destinations, emphasizing its sector's focus on experiential and urban well-being.
- Legal Services – White & Case LLP provided legal advisory services critical to the structuring of this significant joint venture deal.
Financials
- €1 billion – The total value of the joint venture formed between CVC Capital Partners and Therme Group.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| White & Case LLP | Legal Advisor | Company | A global law firm advising CVC on the joint venture with Therme Group. |
| CVC Capital Partners | Private Equity Firm | Company | A major European private equity firm investing in the Therme Horizon joint venture. |
| Therme Group | Target Company | Company | A global leader in urban wellbeing destinations, partnering with CVC in the joint venture. |