Multiply Group Secures Majority Stake in Tendam, Expanding into European Retail Market
Abu Dhabi-based investment holding company Multiply Group PJSC (ADX: MULTIPLY) has announced a landmark agreement to acquire a 67.91% controlling stake in Tendam Brands S.A.U., one of Europe's leading omnichannel apparel groups and Spain’s second-largest apparel retailer by market share. This strategic investment marks Multiply Group’s expansion into the retail and apparel sector, strengthening its presence in consumer-focused industries.
The acquisition, made via a capital increase, will position Multiply Group as the majority shareholder in Tendam, alongside CVC Funds and PAI Partners, who will retain minority stakes. Subject to regulatory approvals, the move aligns with Multiply’s long-term growth strategy, reinforcing its international portfolio and boosting operational EBITDA post-consolidation.
Tendam’s Market Strength and Global Reach
Tendam operates an extensive network of 1,800 points of sale across more than 80 markets, including Spain, Portugal, France, the UAE, and Latin America. The group owns twelve premium mass market brands, such as Women’secret, Springfield, Cortefiel, Pedro del Hierro, and Hoss Intropia, along with nearly 200 third-party brands. With an omnichannel retail ecosystem that integrates physical stores, online platforms, and loyalty programs, Tendam has demonstrated consistent growth, reporting €1.4 billion in total sales over the last twelve months, with an EBITDA of €341 million as of January 2025.
Multiply Group’s Strategic Expansion
This acquisition is a key milestone in Multiply Group’s growth trajectory, enabling the company to establish its Retail and Apparel Vertical with Tendam as the anchor business. The move also represents Multiply’s first major investment in Europe, reinforcing its international reach.
Samia Bouazza, Group CEO and Managing Director of Multiply Group, emphasized the strategic significance of this acquisition, stating:
“The majority stake in Tendam achieves three strategic goals: It drives our commitment to double-digit EBITDA growth, marks our entry into the retail and apparel sector with significant growth potential, and strengthens our global expansion efforts.”
Tendam’s leadership team, including Jaume Miquel, Chairman and CEO of Tendam, welcomed the investment, highlighting how it validates the company’s Tendam 5.0 strategy, which has propelled its omnichannel retail success.
Continued Growth and Market Leadership
Multiply Group has been actively expanding through acquisitions, having recently invested AED 1 billion in BackLite Media, Excellence Premier Investment, and The Grooming Company Holding. The company reported a 56% year-on-year revenue surge in 2024, exceeding AED 2 billion, with a 15% growth in EBITDA to reach AED 1.9 billion.
With this latest move, Multiply Group strengthens its position as a market leader across mobility, media, beauty, and now retail, tapping into the €1.3 trillion global apparel retail market and setting the stage for further expansion.
Advisory and Legal Counsel
Multiply Group was advised by Greenhill (a Mizuho affiliate), Hogan Lovells, and KPMG on this transaction. Castellano and its current shareholders were represented by Uria Menendez, Ramón Hermosilla Abogados, and Latham & Watkins LLP.
