Global law firm K&L Gates LLP has advised Therme Group on the acquisition of Therme Erding, including the financing of the transaction. Macquarie Capital financed the acquisition with a loan of €320 million. In addition, an undisclosed amount of equity was provided.
Therme Group is a global owner, operator, and developer of wellbeing destinations, with offices in Munich, Vienna, London, Toronto, and New York. Therme Group creates inclusive, scalable solutions to meet the growing demand for urban wellbeing. With this transaction, Therme Group is set to surpass 3.5 million annual visitors to its portfolio.
Therme Erding was built in 1999 by the Wund family and over the years, under the management of Jörg Wund, has established itself as the world's largest thermal spa.
Munich partner Martina Ortner (Corporate / M&A) led the K&L Gates team in this matter. She was supported by Munich senior associate Richard Resch (Corporate / M&A). Frankfurt partner Bastian Bongertz and Munich counsel Jennifer Hock (Finance) advised on the financing. Munich partner Philipp Turnwald (Real Estate), Berlin counsel and notary René Wölfer (Real Estate) and Munich counsel Andrew Stanka (Real Estate) advised on real estate law. Other team members included Berlin partner Annette Mutschler-Siebert (Antitrust), Berlin counsel Patricia Prelinger (Corporate / M&A) and Munich senior associate Patrick Glück (Finance). The London office also assisted with the transaction.
Ortner explains: "We are proud to have advised Therme Group on this complex transaction, which is a milestone for the wellbeing industry, from due diligence and contract drafting to the successful closing."
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.