Pacha Group on sale for €500m, reports state

13th September, 2016 by Annie Hayes

Pacha Group, the firm behind the global nightclub franchise, is reportedly going on sale for €500 million.

pacha

Pacha Group is reportedly on sale

According to Barcelona-based publication Cronica Global, the international clubbing behemoth is being put on the market due to tensions in Ibiza between Pacha’s founder Ricardo Urgell and the Matutes family.

The deal would include Pacha Group-owned Ibizan resorts Destino and Lio, as well as the fees paid by the dozens of franchised Pacha clubs all over the world.

The Matutes currently own Ushuaïa, Ushuaïa Tower and Hard Rock Hotel in Ibiza, and are due to take over and rebrand Space on the island in 2017.

“It’s simple: Ricardo Urgell cannot stomach the Matutes family. Pacha does not believe in this new idea of a rich Ibiza as pushed forwards by Abel Matutes J,” a source told the publication.

“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 first Pacha club opened in Sitges, near Barcelona, in 1967, followed by the Ibiza branch in 1973.

The group now operates multiple venues in Spain and Brazil, as well as Buenos Aires, Dubai, Tel-Aviv, Macau and more.

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