Pacha Group SOLD
The Pacha Group has been official sold to Trilantic Capital Partners, a venture capital group with interests in Spain and Italy.
It has been reported by Man In San this morning, that the price is around 350 million euros and includes all the assets of the Group: the Pacha nightclub, El Hotel, Lío Nightclub, Destino Pachá Ibiza Resort, international and national franchises, multimedia and everything else including Pacha Sitges.
Pacha’s founder Ricardo Urgell confirmed in October he was putting up for sale saying he “cannot stomach” the Matutes family, who owns Ushuaïa, Ushuaïa Tower and Hard Rock Hotel in Ibiza. “Pacha does not believe in this new idea of a rich Ibiza as pushed forwards by Abel Matutes J,” a source close to Pacha Group said. “The founder cannot go on any more, and his children do not want to bear witness to the future. For this reason they are looking for an investor.”
The new owners have already met with the Mayors of Ibiza Town and Santa Eulalia and have plans to significantly increase the workforce on the island.