Published
Mon, Sep 12, 2016, 17:15
- Sources say founder Ricardo Urgell "cannot stomach" the Matutes family, who own Ushuaïa, any longer.
Pacha Group, the conglomerate behind the world-famous nightclub franchise, is up for sale.
According to Barcelona-based website Cronica Global, sources close to the company have confirmed the asking price at €500 million, a sum that takes into account venues like Destino and Lio, as well as the fees paid by the dozens of franchised Pacha clubs all over the world. The reasons behind the decision to sell centre on the Matutes family, who own several clubs and hotels in Ibiza, including Ushuaïa, Ushuaïa Tower and Hard Rock Hotel. (They will also take control of the Space Ibiza site in 2017.)
"It's simple: Ricardo Urgell—founder—cannot stomach the Matutes family," say sources close to Pacha Group. "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 Group currently receives regular offers from investors, reports Cronica. Just recently, the company spent a year negotiating with a Chinese investor, only for the deal to fall through. The first Pacha club opened in Sitges, near Barcelona, in 1967, followed by the Ibiza branch in 1973. Since then, Pacha Group has expanded to Moscow, New York, Marrakech and Buenos Aires, to name a few.