Therme Group has announced a strategic joint venture with private equity firm CVC Capital Partners (CVC) in a deal valued at more than €1 billion (US$1.1 billion, £855 million) to create a holding company called Therme Horizon.

Therme Group and CVC will become equal partners in Therme Horizon when the deal completes later this year, subject to regional regulatory approval.

Therme Horizon will own existing sites Therme Erding in Germany (which Therme Group acquired earlier this year) and Therme Bucharest in Romania (both of which welcome around 3.5 million guests annually).

CVC will also co-invest in the development of Therme Manchester in the UK, (originally expected to open in 2023) is on track to open in late 2028 – and is billed to be the largest water-based wellbeing destination in Europe, covering 28 acres.

Therme Horizon will serve as a platform for strategic growth – expanding the Therme concept with new developments, funding acquisitions across Europe and enhancing existing facilities.

CVC’s investment is being made through CVC Capital Partners IX, a €26 billion (US$29.9 billion, £22 billion) fund raised in 2023 to back market-leading businesses across Europe and the Americas.

“Our partnership with CVC marks a major milestone in the trajectory of Therme Group’s global expansion,” says Robert Hanea, chair and CEO of Therme Group. “With CVC as our partner, we’re 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.”

Therme's existing expansion plans

Therme Group’s plans for global expansion include active projects in Germany, across the US, Canada, Scotland and South Korea. Earlier this year the Group also announced plans for a 100m-high ‘oasis in the sky’ in Dubai.