Abu Dhabi-based investment firm Multiply Group has secured a controlling stake of 67.91 per cent in Castellano Investments, parent of Spanish retailer Tendam Brands.

Following the transaction, Multiply Group plans to lead the next phase of growth for Tendam, focusing on international expansion and omnichannel ecosystem development. 

The deal marks Multiply’s presence in the retail and apparel sector and first major investment into Europe.

“The majority stake in Tendam achieves three strategic goals for Multiply Group,” said Group CEO and MD Samia Bouazza.

“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. 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,” Bouazza elaborated.

Tendam is Spain’s second-largest apparel group by market share and one of Europe’s leading omnichannel apparel groups. The business achieved sales of €1.4 billion (US$1.47 billion) and EBITDA post IFRS-16 of €341 million in the year ended January.

Tendam has 12 own brands (including Women’secret, Springfield, Pedro del Hierro, High Spirits, and Milano, among others), as well as almost 200 third-party brands. Its products are present at more than 1800 points of sale in nearly 80 countries.

The move follows Multiply’s recent acquisitions of controlling stakes in Excellence Premier Investment, Media 247, BackLite Media, and The Grooming Company.

The group’s revenue surged 56 per cent, exceeding the AED2 billion (US$544 million) mark, last year.