Ricardo Urgell, founder of Pacha and former owner of the emblematic Ibizan nightclub, and the current owner, Indian businessman Kabir Mulchandani, posed together on Saturday in the room for the camera of Carlos Martorell, who was among the guests at Pacha’s Gran Fiesta Solidaria held in aid of the Fundación Conciencia and the Plataforma Sociosanitaria.
United Arab Emirates-based entrepreneur Kabir Mulchandani bought for 303 million euros the nightclubs and hotels of Pacha Group. He closed the purchase of these two divisions of the empire of the two cherries to Trilantic Capital Partners (which in turn bought it from Ricardo Urgell in April 2017 for around 350 million) months ago, but both parties then agreed not to make the deal official until the end of the season.
The businessman, who has his companies headquarters in Dubai, made it official in September via social media and has outlined some of his thoughts regarding his new acquisition on Instagram.
The Dubai-based holding company owned by Mulchandani, Five Holdingsclosed a few months ago the acquisition of the hotel division and the discotheques of Grupo Pachafounded by the Catalan businessman Ricardo Urgell at the beginning of the 70s of the last century and acquired by Trilantic Capital Partners in January 2017 for an amount of approximately €350 million. After months of negotiation, Five Holdings agreed to shell out around $320 million (about €302 million) for this part of the two-cherry company.
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