this Pasha Group reported that this friday “explore the possibility of incorporating a new partner” as stated by the communication office, to meet the expansion process with new projects planned in Mallorca, London, Dubai and Miami. These sources described the news that El Confidencial published yesterday, that sold the entire entertainment group for a total of 500 million euros.
“The group is only looking for a new partner to accompany it at this stage of growth,” these sources said. In this way, they wanted to reject the possible sale of the entire business holding, which has been owned by international investment group Trilantic since 2017, after buying it from the brand’s founder, Ricardo Urgell.
international growth
According to El Confidencial, the venture capital fund managed by Javier Bañón and Javier Olascoaga, a former partner of Lehman Brothers, would commission Rothschild and Moelis banks to seek “a new partner to finance the international expansion of the famous Spanish brand.” . As the same source points out, just nine months ago Trilantic took a total of 18 million euros from the Spanish State’s coffers to mitigate the effects of the coronavirus crisis.
According to El Independiente, the “flagship” of the brand, which will be half a century old next year, is Pacha Ibiza. Ricardo Urgell founded the company in 1973 and sold it, along with the rest of the group, to Trilantic in 2017, but kept 10% for the family business.
Currently, in addition to the legendary Vila nightclub, the Pacha Group has a hotel on the island of Ibiza in Avinguda 8 d’Agost, Destino Resort on Cap Martinet, the Lío cabaret club, as well as several restaurants and clothing items. stores and the Casa Pacha hotel in Formentera.
Last year, the company also acquired the Tipic de es Pujols nightclub, located in the smallest of Pitiusas, which opened in 1971 and has been closed since 2019, although the new establishment has not yet opened its doors and is under renovation.
In addition, the investment group operates two clubs under the Pacha brand in Barcelona and Munich, as well as a Destino Resort and a Lío club in Mykonos.