Private equity firm Trilantic Europe announced this week that it has become a major shareholder in Ibiza-based leisure conglomerate Pacha Group after coming to an agreement with the family of the franchise's owner, Ricardo Urgell. According to the firm's website, Trilantic will "acquire a stake from the members of the Urgell family and provide additional resources to finance the company's expansion plan." The closing of the transaction is expected to take place within the next two months, and Urgell will remain shareholder in the brand.
"I want to welcome Trilantic Europe to our home, Pachá. I am very excited about this new phase of our group's life, where I trust that, together with our new partner, we will undertake projects that will further contribute to the success achieved in the last 50 years," Urgell said in the statement.
Pacha Group has entertainment properties around the world, including Pacha nightclubs in Ibiza, Barcelona, Sydney, Munich, and the original venue in Sitges, which Urgell opened in 1967. The franchise also owns Ibiza hotel Destino and club-restaurant Lío. Last October, it was reported that the brand is planning to open 25 hotels and spa resorts—but no new clubs—around the world in cities such as Spain, France, Italy, Brazil, Argentina, Mexico, China and Japan.