Mon 17th Oct 2016 - Private equity firm agrees €350m deal to acquire Pacha Group Private equity firm agrees €350m deal to acquire Pacha Group: Private equity firm Trilantic Europe has agreed a €350m deal to acquire Pacha Group, the Ibiza-based hotel and nightclub company’s founder Ricardo Urgell has confirmed. Trilantic was first reported to be considering making a move to buy the company in August, when it was claimed Pacha and associated venues including Destino and Lio, as well as its international franchises, had a price tag of circa €500m. Urgell confirmed in September he had decided to sell up after becoming frustrated at how Ibiza’s clubbing industry had changed. In an interview with Diario de Ibiza, Urgell confirmed the deal was all but done, adding “it hurts to sell Pacha, especially in this sweet moment”. However, he made clear his distaste for Ibiza’s development in recent years, describing local politicians as a “bunch of incompetents”, which had led, he said, to the island’s clubbing industry growing out of control, with serious environmental impacts. He added: “There are spoiled areas of the island that will be difficult to recover. If we continue at this pace, it will eventually move to the north of the island”. Urgell also criticised the growth of beach and boat parties. Next year will be the 50th anniversary of the launch of the first Pacha nightclub, although Urgell said he had no plans to retire, with “many projects on the table, from hotels and other interesting things to Cuba”. Last week, it was reported that Pacha Group planned to open 25 hotels and spas around the world with London a specific target. The company’s turnover was €78m last year and it made a profit of €11m. It said it was targeting an increase of turnover of between 8% and 10% this year.