Slaughter and May is advising Therme Group in connection with its strategic joint venture with CVC, named Therme Horizon. In a deal valued at over €1 billion, 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 completion, 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, together welcoming approximately 3.5 million guests annually. CVC will also co-invest in the development of Therme Manchester, which is expected to open in 2028 and become the largest water-based wellbeing destination in Europe. Slaughter and May has been advising Therme Group on the Manchester development since 2020.
Completion is expected in the second half of 2025, subject to regulatory approvals in Germany and Romania.