Spanish fashion conglomerate Tendam has a new majority owner following a significant acquisition. Multiply Group, the investment vehicle of the Abu Dhabi royal family, has purchased a 67% stake in Tendam from private equity firms CVC Capital Partners and PAI Partners. This deal, valued at over €1 billion, comes nine months after Tendam's IPO plans in Spain were canceled due to unfavorable market conditions.

CVC and PAI Partners have been involved with Tendam since 2006, after a competitive bidding process that included private equity firm Permira. In 2017, CVC and PAI acquired Permira's 33% stake, becoming the sole owners of the company. Prior to the acquisition by Multiply Group, CVC and PAI explored various options for Tendam, including potential sales to industrial investors or the department store group El Corte Inglés.

Tendam, formerly known as Grupo Cortefiel, boasts a diverse portfolio of brands, including Women'secret, Springfield, and Cortefiel, among others. The company operates over 1,760 retail locations across 80 countries, which include standalone stores, department store corners, and franchises. Additionally, Tendam has a robust online presence with more than 33 websites.

In its latest financial report, Tendam showed a positive trend, recording a 4.6% increase in sales for the first quarter of fiscal year 2024, which concluded on May 31. The company achieved a turnover of €253.8 million during this period, indicating a strong performance despite previous challenges in the market.