More than fifty years on from taking a leap of faith and switching career paths, Ricardo Urgell, owner of the legendary Pacha group has eased his grip on his beloved Pacha with the sale of some of his personal shares to Trilantic Capital Partners.
Both parties seemed happy with the deal with Urgell welcoming “Trilantic Europe to our home, Pachá” in a statement released by Trilantic. Urgell also went on to say that he is “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.”
As of right now, it is unclear how much the deal is worth and how many shares Urgell will retain. However working with what information we do have it seems that Urgell will remain an integral part of the group with Trilantic stating that they “look forward to working together with him (Urgell) and the rest of the team on the very exciting future of the company.”
Ricardo Urgell has had close ties to the Spanish entertainment sector since the late 1960’s opening his first club in Barcelona in 1967. Urgell then sought to expand his business to the Balearic Islands in the 70’s and ignored financial advisors warnings that the “hippy movement” which was arriving in Ibiza at the time was too small a group of people to cater for. As the old saying goes “build it and they will come” and come is exactly what they did. We all owe a great deal to those hippies and Mr. Urgell as their actions helped shape Ibiza into the clubbers paradise we all know and love today!
Thank you Ricardo!