Multiply Group takes majority stake in Tendam

Multiply Group completed on 23 July 2025 the acquisition of 67.91% of Castellano Investments, the Luxembourg holding company owning Tendam, through a capital increase valuing the business at an enterprise value of €1–10bn. CVC Capital Partners and PAI Partners remained as minority shareholders through their vehicles Llano Holdings and Arcadian Investments, while chairman and chief executive Jaume Miquel continued to lead the company. The transfer of the Bosnian operations awaited competition clearance. Headquartered in Madrid, Tendam designs and sells clothing through twelve brands of its own, among them Springfield, Cortefiel, Women’secret and Pedro del Hierro, positioned between the cheapest fast fashion and the premium end of the market. It trades through more than 1,800 points of sale across over seventy-five markets, combining its own stores, concessions, franchises and online channels, and employs 10,975 people. Revenue over the twelve months to June 2025 amounted to €1–10bn with an EBITDA of €150–250M after IFRS 16. Structuring the investment as a capital increase rather than a purchase of shares means the proceeds entered the company instead of reaching the existing shareholders, which funds the expansion the new majority holder intends while leaving the previous investors exposed to its outcome. PAI Partners had invested in 2017, when the group traded as Cortefiel, and CVC alongside it, over which period the company moved from a wholesale and store-based model towards one organised around its loyalty membership, and sales have risen each quarter since 2020. For Multiply Group, the purchase established a retail and apparel division where it had none and doubled its operational EBITDA on consolidation, following acquisitions of around one billion dirhams in outdoor advertising, investment services and grooming products. Greenhill advised Multiply Group, with Hogan Lovells as legal counsel and KPMG on due diligence, while Uría Menéndez advised Castellano and its shareholders, and Ramón Hermosilla and Latham & Watkins advised Tendam.