The Pacha Group, an extremely influential nightclub franchise, has sold for €350 million this month.
The Pacha Group’s headquarters are in famed club destination Ibiza, Spain. The first Pacha Club was established in Barcelona in 1967 and is considered to be one of the most influential and biggest brand of nightclubs in the dance music scene, as it has been for many decades. In 2012, the DJ Mag poll voted Pacha as the 3rd best nightclub in the world as a part of its top 100 list.
Pacha Group founder Ricardo Urgell, announced in September of this year that he would be putting the franchise up for sale (which included Pacha Destino Ibiza and Lio) as a direct result of the management of Ushuaïa, who will be taking over location of Space Ibiza.
Urgell went on to say “It hurts a lot to sell Pacha in such a sweet moment,” but
he feels “like an honest person trying to do the best possible.”
He also had words to describe his thoughts on the future of Ibiza and what must be done to preserve its awesome legacy:
“We have to want more for the island, invest in it, appreciate it and love her, so that we’re not only benefitting ourselves. People need to promote projects to improve Ibiza. It’s important that the island does not lose the magic.”
The deal looks to have been made with all the finances in order and Urgell has insisted on transparency of all the relevant accounts. As for the co-founder’s future – Urgell has started that he other projects going on such as hotel ventures.
This management shift should be very interesting to see play out.