Pacha receives 18 million from the government to compensate for losses caused by the coronavirus

The government yesterday approved four supplementary financing operations for companies affected by the covid-19: Pacha Universe Group, Cesgarden, Eating Group, and Egil, comprising 54 million euros, bringing the total amount financed by the Cofides fund to 66.1 million euros.

According to a statement issued yesterday by the Ministry of Industry and Trade, the Pacha Group, which was sold by Ricardo Urgell to a private investment group, will receive 18 million euros, and the hotel company Cesgarden, situated in the Balearic Islands, will receive another 18.6 million euros.

In early 2017, the founder and owner of Grupo Pacha and the heads of Trilantic Capital Partners signed an agreement that saw the iconic leisure group, which grew from the Pacha nightclub in Ibiza, pass into the hands of the private equity fund, which has a global presence, particularly in Spain and Italy. The operation was then estimated to be worth roughly 350 million euros.

When approached by this newspaper yesterday, the Pacha Group declined to evaluate the aid approved by the central government. The Ministry emphasizes that in all cases, these are enterprises with significant development potential and a high level of innovation, employing around 1,800 people.