Multiply Group, investment vehicle of the Royal Family of Abu Dhabi, reached an agreement for the acquisition of 67% of tendam, group owner of brands such as Cortefiel, Springfield, Women’sCret or Pedro del Hierro, to the CVC and Pai Partners Risk Funds, according to market sources consulted by expansion.
The operation, which is planned to be announced soon, values tendam at more than 1,000 million euros (US $ 1049 million), Although the parties have agreed not to specify the financial details of the same, in which CVC and PAI yield in group control to a new investor after more than 20 years in their capital.
Greenhill Business Bank and Hogan Lovells law firm have been the financial and legal advisor, respectively, of Multiply in the negotiations, While Uría Menéndez has worked with Tendam and his shareholders, who have not had a financial advisor.
KPMG, Ramón Hermosilla and Latham & WatkinS have also participated as advisors in the transaction.
After the publication of this news, Multiply has confirmed the advanced information by this means to The ABU Dhabi stock market has specified that CVC and Pai will remain in the company’s capital as minority shareholders.
This operation is the first Great investment of Multiply Group in Europe, and, with it, enters the retail and fashion business.
After canceling the IPO
The agreement with Multiply takes place nine months after Tendam canceled its plans to go over in Spain, After the signs of interest of institutional investors did not meet the expectations of PAI and CVC.
And it is that the two funds consider that the company has great value after its current management team, led by Jaume Miquel, He has managed to turn the company’s business, whose virtues stands out its loyalty club and its logistics model.
The annualized billing (LTM) of tendam It reached 1.4 billion euros (US $ 14.69 million) at the end of January, with a recurring Ebitda of 341 million euros (US $ 357 million).
CVC and PAI currently control 50% of tendam each. Both funds entered the Company shareholding, then known as Cortefiel, in 2006, after starring in a war of opas in which it was also involved.
The three funds finally agreed to exclude the stock market company and distribute it to each other in equal parts. The venture capital already had, without success, return to the company in 2016. A year later, CVC and PAI decided to reinvest in the company and buy per permira 33%. Both Partners tried again the tendam jump to the bag in 2018 and early 2022 this possibility was also rumored.
In this period, CVC and PAI have also negotiated the sale of Tendam to El Corte Inglés, as well as other industrial profile investors, without any agreement until now.
It was, therefore, one of the longest investments of Private Equity In Spain, it has been 20 years since the venture capital assumed control of the group.
IHC subsidiary
Multiply is a subsidiary of International Holding Group (IHC), The largest Middle East, 61% controlled by the Royal Family of Abu Dabi. The tendam buyer, Multiply Group, It had more than 11,000 million euros (US $ 11,547 million) in assets at the end of 2024, including 7.3% of Taqa, an energy group interested in entering Naturgy.
