Noteworthy Work
K&L Gates Advises Therme Group on Billion Euro Joint Venture With CVC to Establish Therme Horizon
Global law firm K&L Gates advised Therme Group on forming a strategic joint venture with the private equity investment firm CVC. Upon closing of the transaction, Therme Group and CVC will become equal shareholders in Therme Horizon, a new holding company valued at over one billion euros.
Therme Group plans, builds, and operates thermal resorts around the world with offices in Munich, Vienna, London, Toronto, and New York. The group develops comprehensive, scalable concepts in response to the growing demand for urban well-being.
Therme Horizon's portfolio includes Therme Erding in Germany and Therme Bucharest in Romania, which together welcome around 3.5 million guests each year. CVC and Therme Group are also set to collaborate on the development of Therme Manchester, Europe's largest thermal resort, which is expected to open in 2028.
CVC is one of the world’s leading private equity investment firms. It has approximately €202 billion in assets under management and holds investments in over 140 companies worldwide. CVC is headquartered in Luxembourg and operates around 30 offices across Europe, North America, South America, and Asia.
The transaction was led by Munich partner Dr. Martina Ortner and was supported by Frankfurt partner Dr. Bastian Bongertz, Berlin partner Dr. Annette Muschler-Siebert, Berlin associate Nils Oberstadt, Munich partners Dr. Michael Kreft and Dr. Philipp Riedl, Berlin partners Dr. Christian Hullmann, Nils Neumann, Dr. Thomas Nietsch, and Dr. Ramona Ruf, Munich counsels Jennifer Hock, Dominik Sailer, and Dr. Andrew Stanka, Berlin counsels Marion Baumann and René Wölfer, Munich senior associates Patrick Glück, Richard Resch, and Dr. Judy Witten, and Berlin senior associate Lara Wengenmayr. The London office also supported in the transaction.
Ortner commented: “This transaction marks a significant milestone in the development of urban well-being infrastructure. We are pleased to have advised Therme Group once again on this complex and forward-looking project, following the successful acquisition of Therme Erding.”
The transaction is subject to regulatory approvals in both Germany and Romania. The closing date is expected to be in the second half of 2025.
K&L Gates’ Corporate practice is one of the most substantial in the legal industry, with hundreds of lawyers in offices on five continents, providing clients with practical legal solutions in the structuring, financing, and completion of domestic, international, and cross-border transactions.
K&L Gates is a fully integrated global law firm with lawyers located across five continents. The firm represents leading multinational corporations, growth and middle-market companies, capital markets participants and entrepreneurs in every major industry group as well as public sector entities, educational institutions, philanthropic organizations and individuals.
