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Pacha Group sale agreed

By | Published on Monday 17 October 2016

Pacha

The sale of the Pacha Group to private equity outfit Trilantic Europe for 350 million euros has been agreed, the Ibiza-based clubbing firm’s founder Ricardo Urgell has confirmed.

It was first reported that Trilantic was considering making moves to buy the company in August, and the following month Urgell confirmed that he had decided to sell up, after becoming frustrated at how Ibiza’s clubbing industry was changing.

In an interview with Diario de Ibiza published this morning, Urgell confirmed that the deal had all but been done. “It hurts to sell Pacha”, he says, “especially in this sweet moment”.

Despite that, he made clear his distaste for Ibiza’s development in recent years, describing local politicians as “a bunch of incompetents who cannot be fired, like they would at a company where a worker does not perform or does not work”. This has lead, he says, to the island’s clubbing industry growing out of control, with serious environmental impacts.

“There are spoiled areas of the island that will be difficult to recover”, he says. “[And] if we continue at this pace it will eventually move to the north of the island”.

Saying that “music should be controlled” and that “there cannot be music everywhere”, he criticised the growth of beach and boat parties. “You can go to the beach and hear the sound of the sea. If there were no music on the beach, they would fill [with people] just the same”.

Next year will be the 50th anniversary of the opening of the first Pacha nightclub, though Urgell says he has no plans to retire despite selling his business. “Being in house watching TV on the couch is not me” he said. “There are many projects on the table, from hotels to other interesting things to Cuba”.



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