Multiply Group Acquires Controlling Stake in Tendam
February 25, 2025
Multiply Group has acquired a 67.91% controlling stake in Castellano Investments S.À R.L. (owner of Tendam Brands S.A.U.), in a transaction valuing Tendam at approximately AED 5.6 billion (€1.3 billion). The deal — in which CVC (via Llano Holdings) and PAI Partners (via Arcadian Investments) remain minority shareholders — doubles Multiply's operational EBITDA and positions Tendam as the anchor of Multiply's new Retail & Apparel vertical as the group pursues international expansion and technology-led capability building.
- Buyers
- Multiply Group PJSC
- Targets
- Castellano Investments S.À R.L. (owner of Tendam Brands S.A.U.), Tendam Brands S.A.U. (Tendam)
- Sellers
- Llano Holdings S.À R.L. (CVC Funds), Arcadian Investments S.À R.L. (PAI Partners)
- Industry
- Retail
- Location
- Community of Madrid, Spain
- Transaction Type
- Buyout
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