Private equity company Trilantic is set to sell Pacha Group for €500 million following a record-breaking summer in Ibiza and Mykonos.
According to Spanish newspaper El Confidencial, the eye-watering venture includes Ibizan clubbing destination Pacha, as well as other Pacha Group-owned hospitality and nightlife businesses including Destino, Lio and five-star resort Destino Pacha Mykonos.
The same newspaper reported that Javier Bañón and Javier Olascoaga, who are at Trilantic’s helm, seek a new partner to finance the renowned brand through international expansion.
In COVID-19’s aftermath, this summer proved to be a money-making season as Universo Pacha expects to end this year with a net profit of €50 million.
According to this figure, the Spanish hospitality group’s value situates between €400 and €500 million.
Sources close to the venture suggested that Trilantic’s decision to put Pacha Group up for sale derived from the significant figures registered by the iconic Ibizan nightclub and its sister venues, Lio Ibiza and Lio Mykonos.
Back in 2017, Trilantic became a Pacha Group shareholder when it offered €350 million for 87% of the clubbing conglomerate.
As one of the first clubbing destinations that took over the White Island, Pacha saw daylight for the first time in 1973. With its unapologetic wild character and constant commitment to delivering unforgettable party experiences, Pacha became a renowned nightlife brand and a money-making machine.