Multiply Group Acquires 67% Stake in Tendam
Deal News | Feb 27, 2025 | Iberian Lawyer
Multiply Group has successfully acquired a 67.91% controlling stake in Castellano Investments, the owner of Tendam Brands, which ranks as the second-largest textile group in Spain and a significant omnichannel textile group in Europe. The operation, still subject to regulatory approvals, elevates Multiply Group as the leading stakeholder alongside Llano Holdings and Arcadian Investments—the investment vehicles of previous owners, CVC Funds and PAI Partners. This acquisition marks a strategic step for Tendam, as Multiply Group gears up to spearhead the company's growth through international expansion and by enhancing its omnichannel business model. KPMG Abogados and Hogan Lovells Madrid served as advisors to Multiply Group, providing expertise in tax structuring, due diligence, and corporate M&A, underlining the critical advisory roles these firms play in such high-caliber transactions.
Sectors
- Textile and Apparel
- Private Equity
- Corporate Finance and Advisory
Geography
- Spain – Tendam is identified as the second largest Spanish textile group, with significant operations and market presence in Spain.
- Europe – Tendam is recognized as one of Europe’s leading omnichannel textile groups, indicating its operations and market influence extend beyond Spain.
Industry
- Textile and Apparel – Tendam operates within the textile and apparel industry, being the second largest Spanish textile group and a leading omnichannel player in Europe.
- Private Equity – CVC Funds and PAI Partners, as previous owners and minority shareholders, represent major entities within the private equity sector.
- Corporate Finance and Advisory – KPMG Abogados and Hogan Lovells Madrid provided tax and M&A advisory services to Multiply Group, indicating the involvement of the corporate finance sector.
Financials
- 67.91% – The percentage stake acquired by Multiply Group in Castellano Investments, owner of Tendam Brands.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Multiply Group | Bidding Company | Company | An investment group that has acquired a majority stake in Tendam, seeking to lead its expansion phase. |
| CVC Funds | Selling Company (Vendor) | Company | A global private equity and investment advisory firm that retains a minority stake in Tendam. |
| PAI Partners | Selling Company (Vendor) | Company | A European private equity firm that retains a minority stake in Tendam. |
| Tendam Brands | Target Company | Company | The second largest Spanish textile group, known for its omnichannel presence across Europe. |
| KPMG Abogados | Legal Advisor | Company | Provided tax structuring and due diligence advice to Multiply Group. |
| Hogan Lovells Madrid | Legal Advisor | Company | Advised Multiply Group on Corporate M&A and Competition aspects. |