Pacha Group is up for Sale
Pacha Group, the nightclub franchise headquartered in Ibiza, is reportedly up for sale for €500 million.
The asking price takes into account their venues, including Destino and Lio, as well as the fees paid for Pacha’s global franchise nightclubs, according to Barcelona-based website Cronica Global.
They also report that the reason behind the sale is the Matutes family, who own a number of clubs and hotels in Ibiza, including Ushuaïa, Ushuaïa Tower and Hard Rock Hotel.
“It’s simple: [Pacha founder] Ricardo Urgell cannot stomach the Matutes family,” sources close to Pacha Group told Cronica Global. “Pacha does not believe in this new idea of a rich Ibiza as pushed forwards by Abel Matutes J. 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.”
Pacha Group reportedly spent a year negotiating with an investor from China recently, with the deal falling through.
It’s been a huge year of change on the White Isle, with Space Ibiza closing next month (October), as owner Pepe Rosello comes to the end of his 27-year reign at the Balearic venue when he hands over the keys to the Ushuaïa group at the end of the summer.