Multiply Group Makes Bold Leap Into Europe With 1.3 Bln Euros Acquisition Of Spain's Tendam
KUALA LUMPUR, July 24 (Bernama) -- In a landmark European entry, Abu Dhabi's Multiply Group has acquired a 67.91 per cent majority stake in Tendam, Spain's second-largest apparel company, in a transaction valued at 5.6 billion UAE dirhams (1.3 billion euros) enterprise value. (1 Euro = RM4.95)
According to Multiply in a statement, the deal cements the group's position as a rising force in the global Retail & Apparel space and doubles its operational earnings before interest, taxes, depreciation, and amortisation (EBITDA) post-consolidation.
Multiply now has a majority interest in Castellano Investments S.À R.L. (the owner of Tendam Brands S.A.U. and other subsidiaries), with Llano Holdings S.À R.L. and Arcadian Investments S.À R.L., the corporate investment vehicles for CVC Funds and PAI Partners, remaining as minority shareholders.
Multiply Group Chief Executive Officer (CEO) and Managing Director, Samia Bouazza called the deal a "strategic entry" into a high-performing sector, noting the platform's potential to scale globally through technology, brand agility, and Multiply's expertise in value creation.
Meanwhile, Tendam Chairman and CEO, Jaume Miquel echoed the optimism, hailing the start of a 'new era' that will unlock greater brand potential and profitability through digital innovation.
The investment positions Tendam as the cornerstone of Multiply Group's new Retail & Apparel vertical, giving the group a strategic springboard for international expansion, especially across Europe, Latin America, and the Middle East.
Multiply aims to embed artificial intelligence (AI) across Tendam's operations—from supply chain to customer experience—while exploring targeted mergers and acquisitions (M&A) to grow its brand universe.
Tendam, an omnichannel retail powerhouse with over 1,800 outlets and digital reach across more than 80 markets, brings a diverse fashion portfolio including Women'secret, Springfield, Cortefiel, and Pedro del Hierro. Its market footprint spans Spain, Portugal, France, the United Arab Emirates (UAE), and Latin America.
The transaction saw advice from top firms including Greenhill, Hogan Lovells, and KPMG for Multiply; Uria Menendez for Castellano; and Ramón Hermosilla Abogados and Latham & Watkins LLP for Tendam.
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