Abu Dhabi, United Arab Emirates - Tuesday, 25. February 2025
- Multiply Group establishes new Retail and Apparel Vertical with Tendam as its anchor business, further deepening the Group’s presence in consumer-focused industries.
- Tendam is Spain's
second-largest apparel group by market share and one of Europe’s leading
omnichannel apparel groups, operating 1,800 points of sale in more than
80 markets including Spain, Portugal, France, UAE and Latin America and
brands such as Women’secret, Springfield and Cortefiel.
- This majority stake in Tendam is the latest vertical building investment activity by Multiply Group, having recently deployed approximately AED 1 billion to acquire BackLite Media, Excellence Premier Investment, and The Grooming Company Holding.
Multiply
Group PJSC (ADX: MULTIPLY), 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, subject to successful receipt of all regulatory
approvals, has agreed to invest via a capital increase that will secure a
controlling stake of 67.91% in Castellano Investments S.À R.L.
(“Company”) (the owner of Tendam Brands S.A.U and other subsidiaries),
becoming 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. Multiply Group will lead the next
phase of growth for Tendam, geared towards further international
expansion and development of the group’s omnichannel ecosystem. The
transaction is subject to approval by the pertinent regulatory
authorities.
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 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 (LTM) stood at c. €1.4
billion, with EBITDA post IFRS-16 of €341 million.
Samia Bouazza,
Group CEO and Managing Director of Multiply Group, said: “The majority
stake in Tendam achieves three strategic goals for Multiply Group: It
enables us to push forward with our commitment to create double-digit
EBITDA growth. It marks our first entry into the retail and apparel
sector we have been targeting and believe has significant growth
potential. And finally, 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 twelve own brands that are primarily 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 €1.3
trillion global apparel retail market.
The move follows a
series of recent acquisitions and vertical-building activities by
Multiply Group where it has successfully acquired controlling stakes in
Excellence Premier Investment, Media 247, BackLite Media, and The
Grooming Company Holding and has overachieved its year of efficiency
targets for 2024.
Jaume Miquel, Chairman and CEO of
Tendam, highlighted: “Since implementing the Tendam 5.0 strategy, Tendam
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. All of our investors, in partnership with a committed
management team, are the best possible guarantee of continuing growth
and success.”
Caroline Goergen, Director at Llano Holdings S.à
r.l., said: “We are very excited to partner with Multiply Group and
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.”
Laura Muries, Partner & Head of Spain for PAI’s
Flagship Fund, said: “Since our investment in 2017, the partnership with
Tendam has been a successful transformation journey, driven by an
exceptional team. Today, Tendam is a leading and highly profitable
omnichannel company, with unique access to 24 million customers and
consistent above-market growth. We are very happy to continue supporting
the company in further developing this new strategy internationally.”
Multiply
Group has been advised by Greenhill (a Mizuho affiliate), Hogan Lovells
and KPMG on the transaction. Castellano and its current shareholders
have been advised by Uria Menendez. Ramón Hermosilla Abogados and Latham
& Watkins LLP have been also legal advisors in this transaction.
Multiply
Group achieved strong performance in 2024 across key metrics, which was
reinforced by its market-leading position across the mobility, media,
and beauty sectors. The Group’s revenue surged 56% year-on-year,
exceeding the AED 2 billion mark, and was propelled by double-digit
organic growth across all verticals, resulting in Group EBITDA growth of
15% reaching AED 1.9 billion.
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Contacts
For further information, please contact:
Wassim El Jurdi
Multiply Group
M: +971 56 105 9595
E: wassim@multiply.ae
Rawad Khattar
Weber Shandwick
M: +971 56 336 2131
E: rkhattar@webershandwick.com