MULTIPLY Overview

Bidding for District Cooling Business: KKR, I Squared Capital, and Investcorp are among global asset managers competing to acquire Abu Dhabi's PAL Cooling Holding, a district cooling business valued at around $1 billion, as part of efforts to diversify investments in the Gulf region.

Market Trends and Economic Diversification: The interest in local investment opportunities reflects a shift from traditional equity firms raising funds to invest elsewhere, aligning with regional governments' initiatives to reduce reliance on oil and promote economic diversification.

Investment Agreement: Multiply Group has agreed to acquire a 67.91% controlling stake in Castellano Investments, the parent company of Tendam Brands, pending regulatory approvals, marking its first major investment in Europe and aiming to enhance its presence in the retail and apparel sector.

Growth Strategy: The acquisition is expected to drive significant growth for both Multiply Group and Tendam, with Tendam's strong performance in the omnichannel apparel market providing a strategic opportunity to access the global apparel retail market valued at €1.3 trillion.

Investment Acquisition: Multiply Group has made a significant investment to acquire a 67.91% controlling stake in Tendam, aiming to double its EBITDA through this strategic move, which marks its first major entry into the retail and apparel sector in Europe.

Growth Strategy: The acquisition is expected to enhance Tendam's international expansion and multi-channel ecosystem, leveraging its strong market position and consistent growth since 2020, while also contributing to Multiply Group's broader consumer-focused business portfolio.

Investment in Retail Sector: Multiply Group PJSC has agreed to acquire a 67.91% stake in Castellano Investments S.À R.L., which owns Tendam Brands, marking its entry into the retail and apparel sector and aiming for international expansion.

Growth and Performance: Tendam, a leading omnichannel clothing group in Europe, has shown consistent growth with significant sales figures, and the acquisition is expected to enhance Multiply Group's strategic goals and market presence in the global €1.3 trillion apparel retail market.

Investment Overview: Multiply Group is acquiring a 67.91% controlling stake in Tendam, Spain's second-largest clothing group, with expectations to double its EBITDA post-consolidation, marking its first significant investment in Europe and enhancing its presence in the retail sector.

Growth Strategy: The acquisition aligns with Multiply Group's strategic goals for double-digit EBITDA growth and international expansion, leveraging Tendam's established multi-channel ecosystem and strong market performance across nearly 80 countries.

Investment Acquisition: Multiply Group PJSC has agreed to acquire a 67.91% stake in Castellano Investments S.À R.L., the owner of Tendam Brands S.A.U, marking its first significant investment in Europe and aiming to enhance its presence in the retail and apparel sector.

Growth Strategy: The acquisition is expected to drive Multiply Group's strategic goals for double-digit EBITDA growth and expand its international investment portfolio, leveraging Tendam's established brand ecosystem and market position.