Multiply Group is the new majority shareholder of Spanish retail group Tendam

ADX-listed Abu Dhabi-based investment firm Multiply Group completed its first major investment in Europe with the acquisition of a controlling stake in Castellano Investments, the parent company of Spanish retail group Tendam, it said in a disclosure(pdf). The acquisition gives Castellano an enterprise value of AED 5.6 bn (EUR 1.3 bn).

Refresher: Multiply acquired a 67.91% stake in Tendam in February, becoming a majority shareholder alongside CVC Funds and PAI Partners, who remain minority shareholders.

About Tendam: Founded in Spain, Tendam manages a portfolio of 12 international fashion brands, including Women’s Secret, Springfield, Cortefiel, and Pedro del Hierro, among others. The group has a broad geographical footprint, operating more than 1.8k points of sale across over 80 markets, including the UAE, Spain, Portugal, France, and Latin America, according to the statement.

The acquisition will be a boon for Multiply’s financials: Tendam generated EUR 1.4 bn in sales during the 12 months ending June 2025, with EBITDA reaching EUR 340.7 mn, the disclosure said. It’s expected to double Multiply’s operational EBITDA post-consolidation.

More expansion ahead for Tendam under Multiply’s leadership: The firm plans to accelerate the retail operator’s international expansion across Europe, Latin America, and the Middle East, according to the statement. This will include targeted acquisitions to add new brands and verticals.

What’s next? The acquisition of Tendam’s Bosnia and Herzegovina operations is pending regulatory approval from the local competition authority, the statement read.

Market reax: Multiply’s share price gained 3.4% to close at AED 2.7 a pop at Wednesday’s close.

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