After 50 years, founder Ricardo Urgell has reportedly sold Pacha Group to global private equity firm Trilantic for €350 million, or about $384 million.
The news has yet to be officially announced by Pacha representative, and Billboard Dance has reached out for comment regarding Pacha Group's future plans. However, Urgell is quoted in an interview with Diario de Ibiza discussing the sale openly citing that the sale of his family-grown business "hurts" at such a "sweet moment," but is a "reality" regardless.
Pacha Group on Sale for $562 Million: Report
According to the interview, the price was lowered from an initial asking of €500 million. The sale includes all of Pacha Group's existing nightclubs and franchises across 20 locations. Further reports by The Times UK state Pacha Group's plans to re-brand outside of its nightlife niche with 25 hotel and spa resorts.