Abu Dhabi-based investment firm Multiply Group acquired a 67.91% stake in Spanish fashion retail group Tendam, they said in a joint statement. Multiply acquired the stake in Castellano Investments, Tendam’s parent company, through a capital increase. The acquisition marks its first major investment in Europe, according to the statement.

It is now the majority shareholder along with CVC Funds and PAI Partners, however the value of the acquisition, which is subject to regulatory approval, was not disclosed in the company statement. Spanish outlet Expansion said the company — which owns brands like Women’s Secret, Springfield, and Cortefiel — was valued at EUR 1 bn in the transaction. CVC and PAI previously owned nearly 50% of the company each, Reuters reports.

What’s next? Post-acquisition, Multiply will be the anchor for Tendam’s international expansion and development of an omnichannel system. The statement said Tendam has been growing its market footprint, bringing in sales of EUR 1.4 bn y-o-y at the end of last month, though Tandem postponed plans last summer for an IPO scheduled for last month due to the effect of political instability on the stock market and market uncertainty, Reuters reported.

Multiply embarked on an acquisition spree last year, acquiring a 51% stake in Excellence Premier Investment through its subsidiary in July, 100% of The Grooming Company Holding (TGCH) in June, and 100% of advertising company BlackLite Media at the start of the year.

ADVISORS- Greenhill, Hogan Lovells and KMPG advised Multiply, whilst Uria Menendez advised Castellano Investments. Ramón Hermosilla, Abogados and Lathan & Watkins were legal advisors.

OTHER M&A NEWS-

UAE-based food and beverage group Epik Foods acquired Dubai-based deli 1762, it said in a press release. The acquisition comes within Epik Foods’ expansion and diversification trajectory which includes plans to add 20 more locations to its existing 50 strong location footprint, operating over 60 brands. 1762 will retain its branding and Epik Foods will provide operational and strategic support.

ICYMI- Epik Foods secured USD 15.5 mn in private capital funding from Ruya Partners last November to scale its operations. It also expanded its operations into Saudi Arabia earlier that year.

Tags: