Abu Dhabi's Multiply Group acquires majority stake in Gucci packaging provider ISEM

Multiply's second deal in Europe in 2025 will complement its existing beauty and clothing units

ISEM's clients include high-end fashion brands Gucci and Bulgari parent LVMH, as well as beauty brands. Photo: Multiply Group

Abu Dhabi investment company Multiply Group has signed an agreement to acquire a majority stake in Italy's ISEM Packaging Group.

On completion, Multiply Group will hold 60.8 per cent of ISEM, while Peninsula Capital and minority investors will own the remaining 39.2 per cent, Multiply said on Wednesday in a filing to the Abu Dhabi Securities Exchange, where its shares trade.

The value of the transaction was not disclosed.

It is Multiply Group's second transaction in Europe in 2025, its fifth consumer-focused vertical to complement its existing beauty and clothing units, and sixth global partnership since its listing on the ADX in December 2021.

ISEM, which is based in Bologna, with its Middle East unit in Dubai, manufactures rigid boxes, folding cartons, backpacks and clutch bags across 11 manufacturing plants spanning more than 100,000 square metres. The company's turnover is about €139 million ($161.4 million), according to its website.

ISEM also has offices in France and Spain, and its clients include high-end fashion brands Gucci and Bulgari parent LVMH, and beauty brands Coty Lancaster, Kiko, L'Oreal and Puig.

ISEM's robust financials – the company tripled its revenue and quadrupled Ebitda growth from 2021 to 2024 – make it a “great fit for our portfolio”, said Samia Bouazza, group chief executive and managing director of Multiply Group.

“We see opportunities to maximise competitive advantages, elevate value creation and create synergies within the industry and potentially with our beauty and apparel sectors,” she added.

Multiply Group, a subsidiary of Abu Dhabi's International Holding Company, already operates in the mobility, media, beauty and retail sectors. Photo: Multiply Group

Multiply Group, a subsidiary of Abu Dhabi's International Holding Company, already operates in the mobility, media, beauty and retail sectors.

It has stakes in businesses such as Emirates Driving Company, Viola Communications, Abu Dhabi National Energy Company, better known as Taqa, the Dubai Electricity and Water Authority, Borouge and Getty Images.

This year, it acquired a controlling stake of nearly 68 per cent in Castellano Investments, which owns Spanish fashion retailer Tendam, in its first major foray into Europe and the retail sector.

International Holding Company (IHC) is the largest listed company in the UAE. It aims to double its asset base to Dh800 billion ($218 billion) and hit Dh200 billion annual revenue by the end of the decade, driven by its acquisition spree, chief executive Syed Shueb told The National in May.

IHC is evaluating at least 50 acquisitions across multiple sectors and geographies, and aims to invest about $50 billion in the US over the next 10 years, he added.

Francesco Pintucci, chief executive of ISEM Group, said on Wednesday: “Multiply Group’s investment will further strengthen ISEM’s industrial platform and accelerate our global expansion, enabling us to serve our clients … with greater scale, agility, and technological excellence.”

ISEM's packaging portfolio includes perfumery, cosmetics, fashion, eyewear, pharma cosmetics, dietary supplements, skincare products and chocolates, according to its website.

Its other products include protective tubulars, silk papers, and custom-made shoppers and dust bags.