The Spanish fashion sector has recently witnessed a significant business move. Tendam, the country’s second-largest textile group in terms of market share, has closed the sale of 67.91% of its capital to Multiply Group, the investment vehicle of the royal family of Abu Dhabi. This operation, valued at over one billion euros, was carried out through a capital expansion, making the Emirati group the new majority shareholder.
Until now, CVC and PAI Partners controlled the company, but with this transaction, they give up their share after 20 years in the group, although they will continue to be present in its capital. Additionally, with this agreement, the IPO is discarded for the moment, a process that Tendam had been exploring without success due to market conditions.
## A change with global vision
Samia Bouazza, CEO of Multiply Group, made it clear that the intention behind the acquisition was to expand globally, placing the group in a strategic position to continue growing its international business portfolio in the coming years. The executive highlighted three key objectives that this operation will meet:
* Ebitda growth: Multiply Group seeks double-digit growth in its profitability.
* Entrance to retail and fashion: This is the group’s first major step into the sector, which they consider to have high expansion potential.
* Strengthening of the global strategy: The purchase of Tendam promotes its presence in key international markets.
Jaume Miquel, President and CEO of Tendam, who will continue leading the company with its management team, pointed out the positive impact of the “Tendam 5.0” strategy, based on a unique omnichannel ecosystem. He noted that Multiply Group’s investment endorses this strategy and provides accelerated growth capacity, while CVC and PAI provide continuity and a solid knowledge of the company, guaranteeing continuous success and expansion.
## Growth and record numbers
Tendam has experienced a positive evolution in recent years, consolidating itself as a key actor in the sector. The company’s financial results for 2023 included income of 1,288 million euros, a 6.5% increase, and recurrent Ebitda of 313.3 million euros, a 9.8% increase. The forecast for January 2025 indicates LTM sales of nearly 1.4 billion euros and recurrent Ebitda of 341 million euros. Tendam also has a significant international presence, with over 1,800 points of sale in 80 countries across 4 continents, and owns brands such as Cortefiel, Pedro del Hierro, and Springfield, among others.
The legal advice for the operation was provided by Uría Menéndez for CVC and PAI Partners, while Ramón Hermosilla Abogados and Latham & Watkins Llp also participated as legal advisors.
## The future of Tendam with Multiply Group
The arrival of the Abu Dhabi fund marks a new stage for Tendam, with strong financial support and an ambitious vision of growth. The unknowns now focus on how Multiply Group will drive its international expansion, whether it will bet on new acquisitions, or strengthen its omnichannel model. With a consolidated structure and new resources at its disposal, Tendam faces one of the most decisive moments in its history. Time will tell if this move will be the definitive impulse to position it as one of the great references of global fashion.
