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- Therme Group
Therme Group Funding, Investors & Competitors
Therme Group has raised $586M across 2 funding rounds, most recently a $254M undisclosed-stage round in February 2025.
Last Therme Group funding round
$254M
Undisclosed stage · Feb 2025
Cumulative funding Therme Group raised
$586M
across 2 funding rounds
Key investors in Therme Group
Macquarie Asset Management
Sculptor
About Therme Group
Therme Group is a Vienna-headquartered developer of large-scale thermal leisure complexes emphasizing wellness and sustainability across Europe. The company constructed Therme Bucharest in 2016, Europe's largest spa facility at 43,000 square meters under glass, drawing 2 million visitors yearly through geothermal-heated pools and botanical gardens. Expanding to projects in Germany and the UK, Therme Group integrates water parks, saunas, and relaxation zones using energy-efficient designs that recycle 80 percent of water. Founded in 2007, it employs modular construction techniques for sites covering up to 100,000 square meters.
Founded
2007
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Sectors
Therme Group Funding History
Therme Group has raised a total of $586M across 2 funding rounds.
Therme Group's first fundraising round was a $331M undisclosed-stage round in December 2024. The most recent completed round was a $254M undisclosed-stage round in February 2025.
Therme Group funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2025 | Undisclosed stage | Sculptor (lead) | $254M | Therme Group is a global developer, owner, and operator of large-scale wellbeing destinations that integrate thermal baths, mineral pools, saunas, botanical gardens, fitness spaces, and cultural programming to promote physical, mental, and social health in urban settings. The company operates flagship resorts including Therme Erding in Munich (acquired December 2024, the world's largest wellbeing destination), Therme Bucharest, and is developing Therme Manchester—a €500 million ($519 million), 28-acre project in Greater Manchester, UK, featuring extensive water experiences and wellness facilities. On February 26, 2025, Therme Group announced a strategic partnership with Sculptor Capital Management's real estate division for up to €245 million ($254 million) in growth investment, with an initial tranche deployed to support the Munich and Bucharest resorts and additional funds potentially allocated to complete Therme Manchester and other expansions, subject to conditions. Sculptor Real Estate led the transaction, advised by Alantra as exclusive financial advisor to Therme, alongside PwC, Slaughter and May, and Rödl & Partner. Therme Group's CFO Adrian Ion highlighted Sculptor's experience in real estate operations and the investment's validation of their track record, while Sculptor's John Clingan emphasized Therme's market-leading delivery of wellbeing infrastructure. This deal fully funds Therme Manchester and aligns with Therme's mission to make sustainable wellbeing accessible in urban centers. Concurrently, Therme formed a separate joint venture with The Georgetown Company, which acquired a 25% stake in its U.S. business to support entry into American markets including planned projects in Dubai, Frankfurt, Toronto, and U.S. cities, backing over $1.5 billion in total committed developments. The Sculptor investment underscores Therme's expansion from continental Europe into the UK and beyond, positioning it as the world's largest operator of wellbeing infrastructure. |
| Dec 2024 | Undisclosed stage | Macquarie Asset Management | $331M | Therme Group, a global owner and operator of wellbeing destinations, acquired Therme Erding, the world's largest wellbeing destination near Munich, Germany, in December 2024. The acquisition was financed with a €320 million debt package from Macquarie Capital's Principal Finance team, arranged by Deutsche Bank, plus an undisclosed amount of equity financing. This represents one of the largest single-asset financings in the industry. The transaction was advised by K&L Gates, Slaughter and May, Alantra, Rödl & Partner, and PwC, with Deutsche Bank and BF.direkt Group structuring the deal. Following the acquisition, Therme Group is positioned to surpass 3.5 million annual visitors across its portfolio of wellbeing destinations. Therme Group operates multiple locations globally, including Therme Bucharest—the world's first LEED Platinum-certified wellbeing infrastructure—with ongoing developments in Manchester, Toronto, and Frankfurt. The company was founded by Dr. Robert Hanea and creates inclusive, scalable solutions integrating physical, social, and mental health in specialized urban venues. |
Who has invested in Therme Group?
2 investors have backed Therme Group across its funding rounds, including Macquarie Asset Management and Sculptor.
Lead investors include Sculptor.
Therme Group Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Therme Group
Therme Group has acquired 1 company to date.
Last acquisition by Therme Group was on December 11th 2024. Therme Group acquired Therme Erding for undisclosed valuation.
Latest Acquisitions by Therme Group
| Description | Therme Erding is a Munich-area thermal spa complex spanning 185,000 square meters, ranking as Europe's second-largest facility of its kind. Located 40 kilometers northeast of Munich, it features 32 thermal pools, 11 water slides, and saunas drawing from a 70-degree Celsius geothermal spring discovered in 1983. Therme Erding attracts over 1.5 million visitors annually, offering themed zones like Galaxy slide area and Thermenwelten spa. Opened in 1999 after extensive aquifer drilling to 2,800 meters, the site integrates Roman, Greek, and Balinese architectural styles across indoor and outdoor areas. |
| HQ Country | |
| HQ City | Friedrichshafen |
| Deal Date | 11 Dec 2024 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Therme Group acquisitions and their M&A valuation multiples. Start Free Trial | |
Therme Group Competitors
Therme Group competitors include listed companies like Disney, Live Nation, Oriental Land and Villar Land Holdings, and private ones like Aman Resorts and Hudle.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $94B | $19B | $182B | 2.3x | ||
| Publicly listed | $25B | $1.8B | $39B | 1.6x | ||
| Publicly listed | $4.5B | $1.5B | $32B | 6.7x | ||
| Publicly listed | $57M | $22M | $10B | - | ||
| Private | $518M | - | $3B | - | ||
| Private | - | - | $2.8B | - |
Therme Group Public Comps
Therme Group is still privately-owned, but its public comps include Disney, Live Nation, Oriental Land, Villar Land Holdings, MSG Sports, Life Time Group Holdings, Toho, Light & Wonder, Benefit Systems and Cinemark.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $94B | $19B | 2.4x | 2.3x | 12.3x | 10.3x | |||
| $25B | $1.8B | 1.7x | 1.6x | 23.5x | 16.7x | |||
| $4.5B | $1.5B | 6.8x | 6.7x | 20.3x | 20.1x | |||
| $57M | $22M | 81.8x | - | 209.6x | - | |||
| $1.2B | $39M | 9.1x | 9.2x | 267.1x | 402.4x | |||
| $3B | $872M | 4.4x | 4.0x | 15.1x | 14.4x | |||
| $2.3B | $581M | 3.5x | 3.5x | 14.0x | 15.9x | |||
| $3.3B | $1.1B | 3.4x | 3.3x | 10.3x | 7.5x | |||
This data is available for Pro users. Sign up to see all Therme Group competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Therme Group
| When was Therme Group founded? | Therme Group was founded in 2007. |
| Where is Therme Group headquartered? | Therme Group is headquartered in Vienna, Austria. |
| Is Therme Group publicly listed? | No, Therme Group is a private, VC-backed company. |
| How much funding has Therme Group raised? | Therme Group has raised $586M across 2 funding rounds. |
| What was Therme Group's last funding round? | Therme Group's last funding round was a $254M undisclosed-stage round in February 2025, led by Sculptor. |
| Who are Therme Group's investors? | Therme Group's investors include Sculptor and Macquarie Asset Management. |
| Which companies are comparable to Therme Group? | Companies comparable to Therme Group include Disney, Live Nation, Oriental Land, Villar Land Holdings, Aman Resorts and Hudle. |
| How many companies has Therme Group acquired? | Therme Group has acquired 1 company, including Therme Erding. |
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