The cruel grip of 2016 strikes again, as the sale of Pachá Group nears it’s completion.
In an interview this morning with El Diario De Ibiza, the famed owner of the group Ricardo Urgell stated that “a few loose ends have to be tied up before the sad news gets broken to the press”. The buyer is confirmed to be Trilantic – a global private equity firm which holds investments in high-end fashion brands Elisabetta Franchi and Nixon, amongst others.
Urgell had originally announced his intention to sell the “cherry empire” halfway through the clubbing season for an estimated €500m. Despite this, the final sale price is looking closer to the €350m mark, as Urgell claimed: “they [Trilantic] will have to pay around €100m in taxes to Hacienda, so in essence, we are doing them a favour”.
The sale not only consists of the superclub located in Ibiza’s Dalt Vila – but of all of Pachá Group and its assets – which includes its media outlets such as Pachá Magazine, along with it’s resorts and hotels located worldwide – from Sitges to Marrakesh and beyond.
The sale of Pacha marks another prominent blow to the world’s top clubbing destination following Space’s closure just over a fortnight ago.
All hope is not lost though, as Urgell plans to open a new venue on the island next year which will encompass all aspects of Eivissenc life, ranging from “calmer, chillout days, to livelier spectacles with reggaeton, and a new event called Fuerza Bruta“.
Pachá… emobodying Ibiza’s Hippy spirit
Aside from being one of the world’s best known brands, Pachá was always a nod to Ibiza’s original hippy movement, something which seasoned Ibizans such as Urgell “have missed for years”. Not only did it provide a meeting point for like minded clubbers, but it also gave back to the island through contributing to initiatives such as the “Entre todos 1000 palmeras” regeneration project of the late 90’s.
Time will tell how the new Pachá will hold against a backdrop of increasing tourism, corruption and tighter police controls on the island. But with its 50th birthday due next year, we expect big things from the new owners.