Clearwater advises France Thermes’ shareholders on the acquisition of Compagnie de Vichy

Clearwater has advised the shareholders of France Thermes, an expert in developing thermal and tourist resorts, on the acquisition of Compagnie de Vichy, a specialist in the hydrotherapy, hotels and bottled water business.

France Thermes owns, develops and operates two thermal resorts in Bagnoles-de-l'Orne (Normandy) and Châtel-Guyon (Auvergne) - with the new generation Aïga resort complex to open in Spring 2020, following a construction project worth €35m. Owned by investment company Gimv and Sylvain Sérafini since 2018, the group aims to create and develop unique thermal resorts by enhancing the brand’s identity in each resort, and by providing a tailored service offering.

Compagnie de Vichy has been managing the French state assets under concession since 1853. It has been implementing an original development approach, based on complementary water-based activities using the mineral water from Vichy; bottling and distribution, thermal resorts and hotels, cosmetics and pastilles.

Through this transaction, France Thermes will now be in charge of operating the thermal baths, taking over Vichy’s brand management and other product offerings consisting of mineral water, cosmetics and pastilles. In addition, the group it will acquire 5 hotels as well as a subsidiary specialising in consulting and engineering. Essentially for the creation and renovation of spa-hotels, resulting from the knowledge developed at Vichy.

France Thermes' has been pursuing its growth strategy since 2017. France Thermes will now apply its strategy to Compagnie de Vichy, in collaboration with the current operational teams. The latest acquisition enables the group to become the second largest French operator in the thermal resorts market, with an expected turnover of €56m in 2019.

Through this transaction, France Thermes will now be in charge of operating the thermal baths, taking over Vichy’s brand management and other product offerings consisting of mineral water, cosmetics and pastilles. In addition, the group it will acquire 5 hotels as well as a subsidiary specialising in consulting and engineering. Essentially for the creation and renovation of spa-hotels, resulting from the knowledge developed at Vichy.