Multiply Group, the Abu Dhabi-based investment company, has expanded into the retail sector with a controlling stake in Spain’s Tendam, one of Europe’s leading omnichannel fashion groups. The deal marks Multiply’s first major investment in Europe as it looks to strengthen its presence in consumer-focused industries.
The company has agreed to acquire a 67.91% stake in Castellano Investments S.À R.L., the parent firm of Tendam Brands, through a capital increase. The transaction, which is subject to regulatory approval, will make Multiply the majority shareholder, alongside existing minority stakeholders CVC Funds and PAI Partners.
Tendam is Spain’s second-largest apparel company by market share, with a presence in more than 80 countries, including Spain, Portugal, France, the UAE, and Latin America. It operates over 1,800 points of sale and owns 12 brands, including Women’secret, Springfield, and Cortefiel. The firm has reported steady growth in recent years, with total sales reaching approximately €1.4 billion in the 12 months to January 2025 and EBITDA post-IFRS 16 of €341 million.
Strategic expansion
Multiply Group, which operates across sectors such as mobility, media, energy, and beauty, sees the investment as a key step in its global expansion strategy.
Samia Bouazza, Group CEO and Managing Director of Multiply Group, said: “This acquisition achieves three strategic objectives: it accelerates our commitment to double-digit EBITDA growth, marks our entry into a retail sector with strong potential, and expands our global footprint.”
Tendam has positioned itself as a pioneer in omnichannel fashion retail, integrating physical stores, e-commerce, and third-party brands. It has also built a large customer base, with 24 million active loyalty club members. Multiply Group aims to build on this platform to drive further international expansion.
Confidence in growth
Tendam’s leadership has welcomed the investment, describing it as a vote of confidence in the company’s future.
Jaume Miquel, Chairman and CEO of Tendam, said: “Since implementing our Tendam 5.0 strategy, we have seen exceptional growth. Multiply Group’s investment validates our approach and provides us with the resources for further expansion.”
Existing shareholders CVC Funds and PAI Partners also reaffirmed their commitment to the company. Caroline Goergen, Director at Llano Holdings, said: “We are excited to support Tendam’s continued growth alongside Multiply Group.” Laura Muries, Partner at PAI, added that Tendam had outperformed the market since their investment in 2017 and was well-positioned for further expansion.
Broader investment strategy
The acquisition follows a series of investments by Multiply Group, including purchases of BackLite Media, Excellence Premier Investment, and The Grooming Company Holding. The firm reported strong financial performance in 2024, with revenues surging 56% year-on-year to over AED 2 billion and EBITDA growing by 15% to AED 1.9 billion.
Multiply Group was advised by Greenhill, Hogan Lovells, and KPMG, while Castellano’s shareholders were represented by Uría Menéndez, Ramón Hermosilla Abogados, and Latham & Watkins LLP.
The deal now awaits regulatory clearance before Multiply can take full control of Tendam and drive its next phase of growth.