Multiply Group (ADX: MULTIPLY), the Abu Dhabi-based funding holding firm that invests in and operates companies globally, immediately accomplished its first main funding in Europe with the acquisition of a majority stake in Tendam, Spain’s second-largest attire group by market share[1]. The deal doubles Multiply’s operational EBITDA post-consolidation and expands its mannequin to amass standout companies, unlock potential via capital and tech, and ship sustained market management.
As one in every of Europe’s main omnichannel attire teams, Tendam operates greater than 1,800 factors of sale and runs profitable digital loyalty programmes in over 80 markets, together with Spain, Portugal, France, the UAE, and Latin America, making it well-positioned within the evolving retail panorama. From inexpensive style to premium types, the corporate’s diversified portfolio of 12 established manufacturers caters to a number of buyer segments via its main style manufacturers similar to Ladies’secret, Springfield, Cortefiel and Pedro del Hierro, amongst others.
Multiply now has a majority curiosity of 67.91% in Castellano Investments S.À R.L. (“Firm”) (the proprietor of Tendam Manufacturers S.A.U. and different subsidiaries), with Llano Holdings S.À R.L. and Arcadian Investments S.À R.L., the company funding automobiles for CVC Funds and PAI Companions, remaining as minority shareholders.
With this funding, Multiply Group deepens its investments in consumer-focused industries and establishes a presence within the retail and attire sector, with Tendam changing into a platform enterprise beneath Multiply’s Retail & Attire vertical.
Multiply will lead the following development section of Tendam. This development is based on additional worldwide growth throughout Europe, Latin America, and the Center East. Embedding AI throughout all features of the enterprise, from sourcing to buyer operations, will help this development journey and can leverage the digital infrastructure the corporate already has in place. As well as, Multiply will help the enterprise on focused M&A to introduce new manufacturers and classes.
Samia Bouazza, Group CEO and Managing Director of Multiply Group, mentioned: “This acquisition marks Multiply Group’s strategic entry into the retail and attire sector. By securing a controlling curiosity in a number one omnichannel platform, we’re investing in a future-focused, high-performing enterprise mannequin backed by an impressive administration crew. Constructed on sturdy, well-established owned manufacturers, the platform provides the agility and imaginative and prescient to develop into new classes and scale rising manufacturers globally. With our experience in creating synergies, deploying AI, and driving strategic M&A, we’re poised to speed up development and unlock long-term worth for our shareholders.”
From a strategic standpoint, the acquisition provides Multiply Group a major alternative to leverage Tendam’s sturdy model platform and confirmed efficiency to drive future development, supported by beneficial client tailwinds within the international attire retail market.
Jaume Miquel, Chairman and CEO of Tendam, highlighted: “In the present day we’re beginning a brand new period. Collectively, shareholders and administration crew, will absolutely deploy the Tendam potential, extending our manufacturers to new codecs, markets and channels supported by superior synthetic intelligence and digital know-how, delivering stronger development and profitability via a novel, unrivalled omnichannel model ecosystem.”
Since 2020, pushed by its confirmed administration crew, Tendam has recorded regular, quarter-on-quarter development, strengthening its enterprise mannequin in core markets whereas increasing its worldwide presence. On the finish of June 2025, the corporate reported final twelve months gross sales of €1.4 billion and EBITDA post-IFRS 16 of €340.7 million.
Multiply Group has been suggested by Greenhill (a Mizuho affiliate), Hogan Lovells and KPMG on the transaction. Castellano and its present shareholders have been suggested by Uria Menendez. Ramón Hermosilla Abogados and Latham & Watkins LLP had been authorized advisors to Tendam on this transaction.
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