Multiply Acquires Controlling Stake in Castellano Investments

Multiply Group, the Abu Dhabi-based investment holding company that invests in and operates businesses globally through four sectors, mobility, media and communications, energy and utilities, and beauty and wellness, will acquire controlling stake of 67.91% via capital increase in Castellano Investments, the owner of Tendam Brands S.A.U and other subsidiaries in Spain.

Multiply Group will become the majority shareholder in the company alongside Llano Holdings S.À R.L. and Arcadian Investments S.À R.L., the corporate investment vehicles for CVC Funds and PAI Partners respectively, who will remain minority shareholders in the company.

Tendam is Spain’s second-largest apparel group by market share and one of Europe’s leading omnichannel apparel groups and the deal is subject to successful receipt of all regulatory approvals, the Multiply Group said.

Multiply Group will lead the next phase of growth for Tendam, geared towards further international expansion and development of the group’s omnichannel ecosystem. With this investment, Multiply Group has established its presence in the retail and apparel sector, with Tendam serving as the anchor for the new vertical.

The deal also marks Multiply Group’s first major investment into Europe, representing significant geographical growth and further deepening its presence in consumer-focused businesses.

Since 2020, Tendam has delivered consistent growth quarter after quarter, consolidating its business model in key markets and growing its international footprint. At the end of January 2025, Tendam’s total sales for the last twelve months stood at around $1.47 billion, with EBITDA post IFRS-16 of $357.85 million.

Samia Bouazza, Group CEO and Managing Director of Multiply Group, said that the majority stake in Tendam achieves strategic goals for Multiply Group such as enabling the company to push forward with its commitment to create double-digit EBITDA growth and the acquisition is a tangible step in our global expansion efforts, which strategically positions the Group to continue building on its international portfolio in years to come.

Tendam has become a pioneer in the omnichannel apparel retail sector, present at over 1,800 points of sale in nearly 80 countries on four continents.

It features 12 own brands that are positioned in the premium mass market segment (Women’secret, Springfield, Cortefiel, Pedro del Hierro, Hoss Intropia, Slowlove, High Spirits, Dash and Stars, OOTO, HI&BYE, Milano, and children’s clothing line Springfield Kids), as well as almost 200 third-party brands, well-established loyalty clubs, market-leading technological capabilities, an extensive network of more than 1,800 points of sale (including directly-operated stores, corners and franchises) and online.

From a strategic perspective, the acquisition presents a significant opportunity for Multiply Group to build on Tendam’s platform of brands and strong performance to propel future growth by having access to the $1.36 trillion global apparel retail market.

Tendam’s Exceptional Growth

Tendam’s Chairman and CEO Jaume Miquel said that since implementing Tendam 5.0 strategy, the company has demonstrated exceptional growth, underpinned by the creation of a unique, unrivalled omnichannel ecosystem.

The investment by Multiply Group is an endorsement of that strategy and affords increased capacity for accelerated growth. Likewise, CVC Funds and PAI, through Llano and Arcadian, offer continuity and a strong, in-depth understanding of the company, he said.

Caroline Goergen, Director at Llano Holdings S.à r.l., said they will continue supporting Tendam in this new phase of growth.

“We are very grateful to Tendam’s management team, who have created a unique ecosystem of brands and significantly outperformed the market. We remain enthusiastic about Tendam’s growth prospects and our continued investment,” Caroline added.