We have advised Eurazeo on its acquisition of a majority stake in Aquardens, Italy's largest thermal park, marking the inaugural investment of the EZORE fund, launched in December 2024 and focused on operational real estate assets across Europe.
Aquardens, established in 2008 and headquartered in Verona, offers a comprehensive range of leisure and wellness services, including saunas, spas, massages, beauty treatments, and medical services. The park employs over 100 full-time staff and is strategically located near prominent Italian tourist destinations such as Lake Garda, Verona, Brescia, Vicenza, and Modena.
The investment aims to enhance the customer experience through an ambitious capital expenditure program. Planned developments include expanding sauna and spa offerings, introducing additional amenities, and constructing an on-site 4-star hotel. These initiatives are designed to ensure visitors experience the highest levels of comfort and satisfaction.
In alignment with Eurazeo's O+ ambitions, there is a strong commitment to environmental sustainability. Plans include decarbonising the facility, promoting responsible water usage, and enhancing social and governance practices. Plans also include on-site renewable energy production to further reduce emissions and enhance sustainability efforts.
Through this transaction, Eurazeo's Real Estate team collaborates with Aquardens' existing management, who will reinvest alongside Eurazeo, to support the company's growth. This partnership reflects a shared ambition to enhance the business and aligns with Eurazeo's strategy of investing in experience-driven consumption in the hospitality and leisure industries.
We acted as exclusive financial advisor to Eurazeo during the entire acquisition process, playing a dual role: M&A adviser in the structuring and negotiation of all aspects of the deal and debt adviser in obtaining a structured loan, aimed at implementing the acquisition and supporting Aquardens' investment plan, provided by Intesa Sanpaolo and Banco BPM. This transaction reaffirms our European leadership position and extensive experience in the real estate and hospitality sectors.
