Who is CVC, the private equity firm now backing Therme Horizon?
Luxembourg-based CVC Capital Partners has taken a significant stake in Therme Horizon. Here’s who they are, where the money comes from and what it could mean for Ontario Place.
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By Torontoer Staff
CVC Capital Partners, a global private equity giant, has taken a substantial position in Therme Horizon, the €1 billion combination of Therme Erding and Therme Bucharest. The deal adds a deep-pocketed investor to the company behind several high-profile wellness destination proposals, including one at Ontario Place.
The investment increases scrutiny of Therme’s corporate structure and funding model. It also raises a key question for local policymakers and residents: a major buy-in signals confidence, but private equity firms are selective about where they put more capital.
Who is CVC Capital Partners?
Founded from Citicorp’s venture arm in the early 1980s, CVC is now one of the world’s largest private equity firms, with roughly €201 billion invested across dozens of companies. Its portfolio spans consumer brands, luxury goods, insurance, infrastructure, health care, sports and tech. Notable holdings include the watchmaker Breitling and the Lipton teas group.
CVC already owns businesses in Canada, such as the Quebec City ad agency Plus Company and TechInsights, a market analysis consultancy based in Nepean, Ontario. Therme Horizon now appears under CVC’s consumer and retail holdings, alongside a mix of brands and digital assets.
Fund IX and the money behind the Therme investment
The Therme stake came from CVC Capital Partners IX, a fund that closed with about €26 billion in July 2023. Fund IX is domiciled in Jersey and Luxembourg, locations commonly used by large funds for regulatory and tax reasons.
CVC’s disclosure shows that since fundraising ended, roughly 35 to 40 percent of Fund IX, or about €6.5 billion, had been deployed by mid-2025. The fund has also realised roughly €7.7 billion through sales of other assets.
The largest LPs are mainly sovereign wealth funds, as well as pension funds, and are primarily domiciled in North America, Asia and the Middle East.
Fitch Ratings
Fund IX’s 459 limited partners include public pension systems and sovereign wealth funds. Public filings name, among others, U.S. state pension plans as contributors. That pool of institutional capital explains how CVC can place large, strategic bets on consumer real estate and destination projects.
What we know about Therme’s record
Therme consolidated its two operating divisions into Therme Horizon and presented the unit as a broader operator of multiple spas. A New York Times investigation published last April reported that Therme had exaggerated its operating footprint and “misrepresented” itself to some governments. In reality, the company had fully built and run a single large spa outside Bucharest, plus the legacy Erding property in Munich.
Therme falsely presented itself as an industry player that operated as many as half a dozen spas in Europe. In fact, it had built and operated just one, outside Bucharest.
The New York Times
Where Therme wants to build next
- Manchester, UK, where Peel Waters will operate a long-delayed spa, now targeting 2027 or 2028
- Ontario Place, Toronto, a high-profile proposed destination that remains under local review and negotiation
- Dubai, where renderings surfaced for an ambitious multi-level spa project
- Other proposed sites at various stages include Dallas, Washington, D.C., Singapore and Incheon
Several earlier announcements, including New York and Glasgow, are no longer listed by the company. That shifting roster highlights the gap between promotional plans and projects that secure long-term financing and approvals.
What CVC’s involvement might mean for Ontario Place
A stake by Fund IX signals that a large institutional investor finds Therme’s destination wellness model attractive. That increases the likelihood Therme can access further capital, whether through follow-on investments or loans, for larger builds.
Private equity firms are opportunistic. They will follow paths that promise returns, and they will also exit if projects do not meet targets. CVC’s investment is not a guarantee that every proposed Therme site will be funded or completed. For municipal decision-makers and residents, a clear financing plan and binding commitments remain the most relevant protections.
Takeaway
CVC’s entry gives Therme Horizon access to large pools of institutional capital, and it brings more scrutiny to Therme’s plans. The firm’s involvement makes some projects more feasible, but it does not replace detailed regulatory review or secure community support. For Ontario Place, the presence of a deep-pocketed backer matters, but it should not be taken as a final step toward construction.
ThermeCVC Capital Partnersprivate equityOntario Placereal estatewellness
