Alantra Advises Therme Group on €1bn+ Strategic Joint Venture with CVC

Jun 2025

M&A; Joint Venture; Capital Raising

Value €1bn+

London – Alantra has advised Therme Group, a global leader in large-scale urban wellbeing destinations, on the creation of Therme Horizon, a strategic joint venture with CVC Capital Partners, one of the world’s leading private markets investment firms. In a deal valued at over €1bn, the partnership brings together Therme’s proven expertise as a developer and operator with CVC’s financial strength and track record of investing in high-quality, founder-led businesses.

Upon closing, CVC and Therme Group will become equal partners in Therme Horizon, a new holding company comprising Therme Erding in Germany and Therme Bucharest in Romania, two of Europe’s most visited wellbeing destinations. CVC will also co-invest in the development of Therme Manchester, which is slated to open in 2028 and become the largest water-based wellbeing destination in Europe.

Adrian Ion, CFO of Therme Group, said: “Alantra has been a trusted advisor throughout multiple milestones. Their deep understanding of our business, connectivity with capital markets, and ability to navigate complex situations were key to securing this transformational partnership with CVC.”

Bobby Fletcher, Managing Director at Alantra, added: “We are proud to have supported Therme Group on this milestone transaction. CVC is a world-class partner whose backing will accelerate the expansion of Therme’s unique wellbeing platform. Our longstanding relationship with Therme and our integrated team approach were critical to delivering a strong outcome for all parties.”

This is Alantra’s third transaction for Therme Group to date, and the team looks forward to continuing its relationship and supporting the company’s ongoing growth.