Multiply Group Completes AED 5.6 Billion Acquisition of Spain’s Tendam, Doubling Operational EBITDA and Expanding Global Presence

Business

Multiply Group Completes AED 5.6 Billion Acquisition of Spain’s Tendam, Doubling Operational EBITDA and Expanding Global Presence

Abu Dhabi-based investment firm strengthens foothold in global retail and apparel market with strategic European entry

Multiply Group (ADX: MULTIPLY) has announced the successful completion of its acquisition of a majority stake (67.91%) in Tendam, Spain’s second-largest apparel company by market share. The strategic move, valued at AED 5.6 billion (€1.3 billion) in enterprise value, marks Multiply Group’s first major European investment and significantly expands its operational footprint while doubling its operational EBITDA post-consolidation.

Tendam, a leading omnichannel fashion group in Europe, operates more than 1,800 retail points and maintains digital loyalty programmes across over 80 markets, including Spain, Portugal, France, the UAE, and Latin America. With a robust portfolio of 12 established brands such as Women’secret, Springfield, Cortefiel, and Pedro del Hierro, Tendam caters to a wide range of consumer preferences, from accessible fashion to premium styles.

The acquisition aligns with Multiply Group’s strategic plan to build a consumer-focused global portfolio, positioning Tendam as a platform business within its growing Retail & Apparel vertical.

Strategic Highlights:

Multiply Group acquired a 67.91% stake in Castellano Investments S.À R.L., the holding entity of Tendam Brands S.A.U.
Existing shareholders CVC Funds and PAI Partners (through Llano Holdings and Arcadian Investments) will remain minority shareholders.
The deal excludes the Tendam business in Bosnia and Herzegovina, pending regulatory approval.

Samia Bouazza, Group CEO and Managing Director of Multiply Group, remarked:

“This acquisition marks Multiply Group’s strategic entry into the retail and apparel sector. By investing in a high-performing omnichannel platform with a proven management team, we aim to unlock new growth through AI integration, category expansion, and global brand scaling. This is a future-focused move that will deliver long-term value for our shareholders.”

Growth Plans:
Multiply Group plans to lead Tendam’s next growth phase with a focus on:

Further international expansion across Europe, Latin America, and the Middle East
Integrating artificial intelligence across sourcing, customer operations, and supply chain
Supporting strategic M&A to add new brands and product categories

Jaume Miquel, Chairman and CEO of Tendam, added:

“Today marks the beginning of a new era. With Multiply Group’s support, we will unlock Tendam’s full potential, expanding our brands into new markets and channels, powered by AI and digital innovation. We are confident this partnership will drive sustainable growth and strengthen our unique omnichannel brand ecosystem.”

Financial Performance:

As of June 2025, Tendam reported:

€1.4 billion in LTM sales
€340.7 million in EBITDA (post-IFRS 16)

Advisors:

Multiply Group was advised by Greenhill (a Mizuho affiliate), Hogan Lovells, and KPMG.
Castellano Investments and shareholders were advised by Uría Menéndez and Ramón y Cajal Abogados.

The acquisition is a testament to Multiply Group’s long-term strategy of investing in high-potential international businesses, driving transformation through digital innovation and operational scale, and reinforcing Abu Dhabi’s growing role in global investment.