Global clubbing brand Pacha Group is reportedly seeking a sale for hundreds of millions of Euros.
The iconic brand that started in Ibiza 49 years ago is reportedly up for sale now with a price tag of €500 Million, or $562,050,000. The news was first reported by Spanish publication, Cronica Global. According to the report, Pacha Group founder Ricardo Urgell is fed up with the VIP-centric clubbing experience pushed forward by Matutes who have come to dominate the White Isle.
"It's simple: Ricardo Urgell-founder-cannot stomach the Matutes family," sources close to Pacha Group are quoted as saying. "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."
The Matutes family own Ushuaia, Ushuaia Tower and Hard Rock Hotel. They are also responsible for the takeover of Space Ibiza when its lease is up at the end of the year. Carl Cox famously held down a residency at the club for 20 years, but is ending his run at the end of the year because of the change of ownership, among other reasons.
Pacha will reportedly sell all of Ibiza properties including Destino and Lio, as well as their global properties in Brazil, Germany, Poland, Australia and elsewhere.
The report does make some sense since there have been rumors of a sale for over a month now. In August, Bloomberg reported that private equity firm Trilantic Europe was mulling an offer for the group worth a couple hundred million euros. The offer would include all of Pacha's global properties.
Another sign of the shifting global clubbing landscape was the closure of Pacha's New York City outpost at the end of 2015.
