The Spanish clothing dealer Tendam is expected to receive a new majority owner. On Tuesday, the Investment Holding MultiPLY Group PJSC, based in Abu Dhabi, announced that it wants to acquire around 67.9 percent of the shares in the Tendam-Muttergesellschaft Castellano Investments S.à RL as part of a capital increase.
The transaction is still subject to competition law permits, explained the Multiply Group. The financial companies Llano Holdings S.à RL and Arcadian Investments S.à RL, behind which the investment companies are located CVC and PAI partners, remain on board as minority shareholders.
Tendam includes brands such as Springfield, Cortefiel, Pedro Del Hierro and Hoss intropia
The Tendam Group includes a total of twelve clothing brands, including Springfield, Cortefiel, Pedro Del Hierro and Hoss Intropia, the group is currently represented in over 80 countries with a total of 1,800 sales points. These include own shops, corner and franchise stores. He also operates 33 online platforms and uses various digital marketplaces.
In the twelve months before January 31, the Tendam Group generated sales of around 1.4 billion euros and a result before interest, taxes and depreciation (EBITDA) of 341 million euros.
The Multiply Group takes the entry into the retail and fashion segment
Samia Bouazza, the CEO and Managing Director of the Multiply Group, explained the reasons for the takeover: “With the majority stake in Tendam, the Multiply Group achieves three strategic goals: it enables us to continue to advance our efforts. It means our first entry into the retail and clothing sector, which we have focused on and which we believe that it offers considerable growth potential. And finally, the acquisition is a concrete step in our global expansion plans that bring the group into a strategic position to further expand its international portfolio in the coming years, ”she said in a statement.
Jaume Miquel, the Chairman and CEO of Tendam, welcomed the new majority owner. “Since the implementation of the ‘Tendam 5.0’ strategy, Tendam has achieved exceptional growth, which is supported by creating a unique, unrivaled omnichannel ecosystem. The investment of the MultiPly Group is confirmation of this strategy and offers additional capacities for accelerated growth, ”he said. “In addition, CVC Funds and Pai with Llano and Arcadian ensure continuity and have a profound understanding of the company. All of our investors together with a committed management team are the best possible guarantee of continuing growth and success. ”