Another move comes to the island and music industry of Ibiza: Pacha Group is now reportedly up for sale at a high price of €500 million. This sale price includes locations including Destino and Lio, as well as a number of global franchises.
According to Cronica Global, sources close to the company have confirmed the asking price. They explained the reason for selling: “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.