White & Case advises CVC Capital Partners on €1 billion Therme Horizon joint venture

Global law firm White & Case LLP has advised CVC Capital Partners (CVC) on its partnership with Therme Group to launch the €1 billion Therme Horizon joint venture. 

As part of the transaction, CVC acquired a 50% stake in Therme Group, comprising Therme Erding in Germany and Therme Bucharest in Romania, two of Europe’s most visited wellbeing destinations. CVC will also co-invest in Therme Manchester, which is currently under development and expected to open in late 2028 as the largest water-based wellbeing destination in Europe.

Therme Group is a global pioneer in inclusive urban wellbeing, creating state-of-the-art wellbeing oases designed to enhance quality of life for all. Anchored by Therme Erding and Therme Bucharest, Therme Horizon will serve as a platform for strategic growth, driving the expansion of Therme’s experiential wellness offering through new developments, facility enhancements, and targeted acquisitions across Europe.

The White & Case team was led by partners Ben von Maur (London) and Steven Worthington (Abu Dhabi), and included partners Stefan Koch (Frankfurt), Martin Forbes, Victoria Landsbert, Will Smith, Richard Hill, Jonah Anderson (all London), Erasmus Hoffmann (Berlin), counsel Andreas van den Eikel (Berlin) and associates Zack Trumper (Abu Dhabi), Oliver Wilson, Jack Clifford, Luke Chouhan, Benjamin Morrison, Ross Power, Emma Jell, Prisca Victoria Wharton, Joseph Kania, Rachel Thompson, Reuben McGregor-Sumpter, Margot Davies, Isabella Bertolini, Theon Richards and Jacob Heath (all London), Robin Jackson, Eva Shaw, Jan Diether, David Kerzinger, Sofia Zafiriou, Marc Hering (all Frankfurt) and Franziska Weires (Berlin).

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