Multiply Group to secure majority stake in apparel giant, Tendam
The acquisition of Tendam solidifies Multiply Group’s growing portfolio of investments and marks a key milestone in its ongoing global expansion strategy
Multiply Group, the Abu Dhabi-based investment holding company, has reached an agreement to acquire a controlling 67.91 per cent stake in Castellano Investments, the parent company of Tendam Brands, subject to regulatory approval.
The deal will make Multiply Group the majority shareholder in Tendam, alongside Llano Holdings and Arcadian Investments, corporate investment vehicles for CVC Funds and PAI Partners, who will remain minority shareholders.
Tendam, Spain’s second-largest apparel group by market share and a leading omnichannel apparel retailer in Europe, operates in nearly 80 countries across four continents with more than 1,800 points of sale.
Multiply Group expands its presence in retail sector
This investment marks a significant step for Multiply Group, establishing its presence in the retail and apparel sector while expanding into Europe.
The company will now focus on the next phase of Tendam’s growth, particularly international expansion and further strengthening its omnichannel business model.
Samia Bouazza, group CEO and MD of Multiply Group, commented, “The majority stake in Tendam achieves three strategic goals for Multiply Group: It enables us to push forward with our commitment to create double-digit EBITDA growth. It marks our first entry into the retail and apparel sector we have been targeting and believe has significant growth potential. And finally, the acquisition is a tangible step in our global expansion efforts, which strategically positions the group to continue building on its international portfolio in years to come.”
#MultiplyGroup establishes a new Retail and Apparel Vertical with @TendamRetail as its anchor business, further deepening the Group’s presence in consumer-focused industries. #StrategicInvestment #ApparelIndustry #ConsumerBusiness #GlobalGrowth pic.twitter.com/n0vXpi077r
— Multiply Group (@MultiplyGroupAE) February 25, 2025
Tendam brands and growth strategy
Tendam, which operates brands such as Women’secret, Springfield, Cortefiel, Pedro del Hierro and Hoss Intropia, has demonstrated consistent growth since the implementation of its Tendam 5.0 strategy.
As of January 2025, the company reported total sales of approximately EUR1.4bn and EBITDA of EUR341m, positioning itself as a leader in the omnichannel apparel space.
Jaume Miquel, chairman and CEO of Tendam, expressed, “Since implementing the Tendam 5.0 strategy, Tendam has demonstrated exceptional growth, underpinned by the creation of a unique, unrivalled omnichannel ecosystem. The investment by Multiply Group is an endorsement of that strategy and affords increased capacity for accelerated growth. Likewise, CVC Funds and PAI, through Llano and Arcadian, offer continuity and a strong, in-depth understanding of the company. All of our investors, in partnership with a committed management team, are the best possible guarantee of continuing growth and success.”
Multiply Group’s move into the retail sector complements its broader strategy of expanding into consumer-focused businesses, alongside recent acquisitions in media, entertainment, and other sectors.
The transaction will also help the group tap into the EUR1.3tn global apparel retail market, providing significant growth opportunities.
Caroline Goergen, director at Llano Holdings, said, “We are very excited to partner with Multiply Group and continue supporting Tendam in this new phase of growth.”
Laura Muries, partner and head of Spain for PAI’s Flagship Fund, added, “Since our investment in 2017, the partnership with Tendam has been a successful transformation journey, driven by an exceptional team. Today, Tendam is a leading and highly profitable omnichannel company, with unique access to 24 million customers and consistent above-market growth. We are very happy to continue supporting the company in further developing this new strategy internationally.”
The acquisition of Tendam solidifies Multiply Group’s growing portfolio of investments and marks a key milestone in its ongoing global expansion strategy.
This majority stake in Tendam is the latest vertical building investment activity by Multiply Group, having recently deployed approximately AED 1 billion to acquire BackLite Media, Excellence Premier Investment, and The Grooming Company Holding. #UAE #AbuDhabi #GlobalMarkets #Uk
— Multiply Group (@MultiplyGroupAE) February 25, 2025
