Tendam's Landmark Move as Multiply Group Secures Majority Stake
Deal News | Feb 25, 2025 | PAI Partners
In a strategic move, Multiply Group has acquired a controlling 67.91% stake in Tendam, a leading Spanish apparel company. This transaction, landmarked by the stakes' sale from CVC Funds and PAI Partners, is expected to boost Multiply's operational EBITDA significantly. With Tendam as the anchor, Multiply Group is establishing a new Retail and Apparel Vertical aimed at bolstering its consumer-focused industries presence. Tendam, Spain’s second-largest apparel group, operates over 1,800 points across 80 markets and features prominent brands such as Womensecret and Springfield. The acquisition represents Multiply Group’s first major investment into Europe and aligns with their strategy to enhance global expansion while achieving double-digit EBITDA growth. The investment will aid Tendam in further expanding its omnichannel ecosystem and international footprint, providing access to an extensive consumer base and offering potential in the $1.3 trillion global apparel market.
Sectors
- Retail and Apparel
- Private Equity and Investment
Geography
- Spain – Tendam, the target company of the acquisition, is based in Spain and is the country's second-largest apparel group.
- United Arab Emirates – Multiply Group, the acquiring company, is based in Abu Dhabi, UAE.
- Europe – This marks Multiply Group's first significant investment into Europe, indicating geographical expansion within this region.
Industry
- Retail and Apparel – The article describes the investment in Tendam, an apparel group, highlighting Multiply Group's establishment of a new Retail and Apparel Vertical.
- Private Equity and Investment – CVC Funds and PAI Partners, known private equity firms, are involved in the transaction, illustrating activity within the private equity sector.
Financials
- 67.91% – The stake in Tendam that Multiply Group will acquire.
- 1.4 billion – Tendam’s total sales for the last twelve months as of January 2025.
- 341 million – Tendam’s EBITDA post IFRS-16.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Multiply Group | Bidding Company | Company | An Abu Dhabi-based investment company acquiring a controlling stake in Tendam. |
| Tendam | Target Company | Company | A leading Spanish apparel group involved in the transaction as the acquired entity. |
| PAI Partners | Selling Company | Company | One of the private equity sellers of the Tendam stake. |
| CVC Funds | Selling Company | Company | A private equity firm involved in selling a stake in Tendam. |
| Llano Holdings S. R.L. | Minority Shareholder | Company | A corporate investment vehicle for CVC Funds. |
| Arcadian Investments S. R.L. | Minority Shareholder | Company | A corporate investment vehicle for PAI Partners. |
| Greenhill | Corporate Finance Advisor | Company | Provided financial advisory services to Multiply Group. |
| Hogan Lovells | Legal Advisor | Company | Legal advisor for Multiply Group in the transaction. |
| KPMG | Financial Advisor | Company | Provided financial advisory services to Multiply Group. |
| Uria Menendez | Legal Advisor | Company | Legal advisor for Castellano Investments and current shareholders. |