Operation of thermal spa resorts


A recognized player in balneology, France Thermes, with the support of its shareholders Initiative & Finance and NCI, decided to diversify its business by turning its historic thermal baths site at Bagnoles de l'Orne into a fully fledged thermal spa resort, offering tourist accommodation and well-being services (spa, swimming pool) designed to attract a new clientèle.

Buoyed by the success of its first experiment in Bagnoles de l'Orne, France Thermes decided to duplicate that model in Châtel-Guyon in Auvergne, with an entirely rebuilt complex including a thermal baths, tourist accommodation and a residence for the elderly (third-party partner).

In 2013, Group president Sylvain Serafini found two shareholders willing to support him in his project to transform his business model in a rapidly changing balneology market: Initiative & Finance and NCI.

In January 2018, the Group was sold to another financial shareholder, capable of supporting Sylvain Serafini in his ambitious external growth plans. Since then, the Group has also taken over La Compagnie de Vichy.

Investment period

Dec.-13 - Jan.-18

Evolution of turnover

11M - 18M€

Type of investment


Changes in the number of employees

146 to 181



Sector of activity


Add-on acquisitions


Associated Team

Arnaud Mendelsohn

Arnaud Mendelsohn


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Camille Grosfilley

Camille Grosfilley

Investment Manager

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