Multiply Group to acquire a 67.91% stake in Tendam from CVC and PAI Partners.

Multiply Group, an Abu Dhabi-based investment holding company, agreed to acquire a 67.91% stake in Tendam, a multibrand, omnichannel vertical apparel retailer, from CVC, a global private markets manager, and PAI Partners, a private equity firm. Financial terms were not disclosed. "Since implementing the Tendam 5.0 strategy, Tendam has demonstrated exceptional growth, underpinned by the creation of a unique, unrivalled omnichannel ecosystem. The investment by Multiply Group is an endorsement of that strategy and affords increased capacity for accelerated growth. Likewise, CVC Funds and PAI, through Llano and Arcadian, offer continuity and a strong, in-depth understanding of the company. All of our investors, in partnership with a committed management team, are the best possible guarantee of continuing growth and success," Jaume Miquel, Tendam Chairman and CEO.