The sale of Pacha Group has been sold after months of speculation.
Global private equity firm Trilantic Capital Partners has acquired the company for a fee believed to €350 million, according to Diario de Ibiza. Assets include the Pacha nightclub in Ibiza Town, Destino Pacha Ibiza Resort in Cap Martinet and restaurant Lío Ibiza.
Pacha owner Ricardo Urgell put the company up for sale in September, originally asking for €500 million. A month later, there were reports that the sale had gone through, but these proved to be false. However, Urgell did insinuate that his relationship with Pacha Group would be ending soon.
"It hurts a lot to sell Pacha in such a sweet moment," he told Diario de Ibiza. "I feel like an honest person trying to do the best possible."
Dave Turner is Mixmag's Digital News Editor, follow him on Twitter