Abu Dhabi-based investment firm Multiply Group has acquired a controlling stake in Castellano Investments, the parent company of Spanish fashion giant Tendam Brands S.A.U and other subsidiaries.

With its intention of securing a 67.91 percent holding, Multiply Group would become a majority shareholder of Castellano alongside Llano Holdings and Arcadian Investments. CVC Funds and PAI Partners, meanwhile, will remain as minority shareholders.

The transaction is currently still subject to approval by the appropriate regulatory authorities. It would be the first retail and apparel based venture for Multiply Group, as well as its first major investment into Europe.

Through the deal, Multiply Group would oversee the next phase of growth for Tendam as it pivots towards further international expansion and development of its omnichannel platform.

The company also sees an opportunity to build and propel future growth through Tendam’s portfolio of 12 brands positioned in the premium mass market segment, including Women’secret, Springfield and Cortefiel. Tendam also works with around 200 third-party brands and boasts a network of over 1,800 points of sale across 80 countries.

In a release, chairman and CEO of Tendam, Jaume Miquel, said the investment built on efforts already exhibited as part of the group’s ongoing Tendam 5.0 strategy, which has been in place for a number of years as a means of encouraging growth throughout the business.

In his statement, Miquel added: “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.”