Multiply Group completes its first major investment in Europe
ABU DHABI (ALETIHAD)Multiply Group has announced the successful completion of its acquisition of a majority stake in Tendam, Spain's second-largest apparel group by market share. In a press release, the Abu Dhabi-based group said the deal, valued at Dh5.6 billion (€1.3 billion), marks the Multiply's first major European investment and significantly expands its footprint in the global retail and apparel sector.With this acquisition, Multiply now owns 67.91% of Castellano Investments S.À R.L., the holding company for Tendam Brands S.A.U. and its subsidiaries. The remaining shares are retained by CVC Funds and PAI Partners through their corporate vehicles Llano Holdings and Arcadian Investments.Tendam, one of Europe's leading omnichannel apparel retailers, operates more than 1,800 points of sale across over 80 markets, including Spain, France, Portugal, the UAE, and Latin America. Its portfolio includes 12 diverse fashion brands such as Women'secret, Springfield, Cortefiel, and Pedro del Hierro, catering to a wide range of consumer segments.The transaction is expected to double Multiply Group's operational EBITDA and significantly deepen its exposure to consumer-focused industries. Tendam will now serve as the platform business for Multiply's Retail & Apparel vertical.Speaking on the acquisition, Samia Bouazza, Group CEO and Managing Director of Multiply Group, said:'This acquisition marks Multiply Group's strategic entry into the retail and apparel sector. By securing a controlling interest in a leading omnichannel platform, we are investing in a future-focused, high-performing business model backed by an outstanding management team.'She added, 'Built on strong, well-established owned brands, the platform offers the agility and vision to expand into new categories and scale emerging brands globally. With our expertise in creating synergies, deploying AI, and driving strategic M&A, we are poised to accelerate growth and unlock long-term value for our shareholders.'Multiply plans to drive Tendam's next phase of growth through further international expansion across Europe, Latin America, and the Middle East, and by embedding artificial intelligence into all areas of operations—from sourcing to customer engagement. It also intends to support targeted acquisitions to introduce new brands and categories.Jaume Miquel, Chairman and CEO of Tendam, welcomed the new phase of growth, stating: 'Today we are starting a new era. Together, shareholders and management team will fully deploy the Tendam potential, extending our brands to new formats, markets and channels supported by advanced artificial intelligence and digital technology.'
Tendam ended June 2025 with trailing 12-month sales of €1.4 billion and EBITDA post-IFRS 16 of €340.7 million, following steady growth since 2020 under a strong management team.
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