Abu Dhabi-based investment holding company Multiply Group has agreed to acquire a 67.9% stake in Spanish fashion retailer Tendam, becoming the majority shareholder alongside existing minority stakeholders CVC Funds and PAI Partners. The transaction, subject to regulatory approval, marks Multiply Group’s first major investment in Europe and its entry into the retail and apparel sector.
Tendam, Spain’s third-largest fashion retailer, operates brands including Cortefiel, Pedro del Hierro, Springfield, and Women’s Secret. The company reported sales of EUR 1.4 billion for the year ending January 31, 2025.
CVC and PAI Partners, who acquired full control of Tendam in 2017, will remain as minority shareholders. The financial terms of the transaction have not been disclosed.
This acquisition aligns with Multiply Group’s strategy to diversify its portfolio and expand its presence in consumer-focused industries. The company has recently acquired controlling stakes in Excellence Premier Investment, Media 247, BackLite Media, and The Grooming Company Holding.
The transaction is expected to double Multiply Group’s operational EBITDA post-consolidation, reflecting the company’s commitment to achieving double-digit EBITDA growth.
