International nightlife franchise Pacha Group is up for sale for €500 millionHot Since 82 Pacha Ibiza Action Photo

International nightlife franchise Pacha Group is up for sale for €500 million

Nightlife franchise Pacha Group — the driving force behind international clubbing institutions such as Pacha Ibiza and Pacha Buenos Aires — is reportedly going on sale for €500 million.

Barcelona publication Cronica Global reported the news, citing a shifting landscape in Ibiza’s club culture as one of the primary motivations behind the sale. A source close to the company pointed to mounting tensions in Ibiza between Pacha Group and the Matutes family, who are responsible for several clubs and resorts in Ibiza, including Ushuaïa and Hard Rock Hotel, as well as the future of Space Ibiza, which they will take over and rebrand in 2017.

A source close to Pacha Group commented: “It’s simple: Ricardo Urgell—founder—cannot stomach the Matutes family. 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.”

It’s significant news for the clubbing community, especially considering the sheer globalism of Pacha Group’s properties, which includes venues in Sydney, Macau, London, Tel-Aviv, as well as Ibiza resorts like Destino and Lio.

Via: Resident Advisor