This summer we have seen plenty of interesting transactions going down in the Sunny Island of Ibiza, this time comes from the long established Pacha Group. Pacha is now reportedly up for sale at a staggering price of €500 million. This deal includes locations such as Destino and Lio, as well as a number of global franchises.
According to Cronica Global, sources close to the company have confirmed the sale price. When asked what was the reason for the sale this is what they had to say: “It’s simple: Ricardo Urgell—founder—cannot stomach the Matutes family. 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’s Ibiza location was the first extension of the brand from its original venue in Spain and opened in 1973. Cronica reported that the group regularly receives offers from investors, but a recent deal with a Chinese investor fell through.
We will keep updating you as more information comes to light.