Pacha Group seeks to liquidate their franchise, selling at €500 million
Dance music’s iconic Pacha Group is now reportedly up for sale with a hefty asking price of €500 million. This comes following last month’s news of Space Ibiza closing down their doors and the owners of Ushuaia taking over over. The Ibiza destination has been a must-visit on every raver’s bucketlist but the group have decided to walk away from the business despite positive sales figures.
Apparently, Pacha’s founder Ricardo Urgell “cannot stomach” the Matutes family, who have a strong monopoly across the Ibiza territory -owning Ushuaïa, Ushuaïa Tower and Hard Rock Hotel at the island of dreams. A source close to the owner Group summed up the situation in the following statement –
“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.”
If sold, this would also include the franchise’s locations outside Ibiza. Their franchises in Spain and Brazil and also in Buenos Aires, Dubai, Tel-Aviv, Macau and more would be sold.