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Dubai holdings company FIVE Holdings has reportedly purchased a €320 million stake in Pacha Group, according to Spanish news outlet Dario de Ibiza.
The deal was reportedly made between the holdings company and Trilantic Capital Partners, the group’s current owners, splitting the acquisition between both companies.
Trilantic Capital Partners acquired Pacha Group in 2017 and will now solely look after Lío – the luxury arm of the company with locations in Ibiza, Mallorca, Mykonos and most recently London – while FIVE will look after Pacha’s nightclub and hotel divisions.
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Dario de Ibiza noted that the €320 million deal could help Pacha Group to open new Lío locations in Miami, Las Vegas, and Dubai, the latter inside FIVE Holdings’ Five Luxe Hotel.
The Dubai iteration of Lío will appear inside the newly built Five Luxe Hotel spanning 35,000 square feet, and is said to be situated at the end of a pier in the city’s JBR strip as one of Dubai’s most expensive builds – a $1.06 billion super hotel.
FIVE Holdings, which is headed up by Dubai-based hospitality mogul Kabir Mulchandani, is said to have “successfully” concluded the deal some five years after Trilantic Capital Partners’ acquisition of Pacha Group.
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The deal will also see FIVE Holdings look after the nightlife company’s flagship venues in Ibiza, Pacha and Destino, and its club and hotel chains across Europe including Barcelona, Mykonos, Formentera, and Munich.
Resident Advisor reported that a source close to Trilantic had confirmed the news of the deal, although the company wouldn’t “go into figures or make comments about the deal”.
“In the future, Pacha Group will continue to be one of the world’s leading lifestyle and music brands,” they told the publication.
[Via: Dario de Ibiza]
Gemma Ross is Mixmag’s Assistant Editor, follow her on Twitter