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Multiply Group’s Omorfia acquires TGCH to expand in MENA

Multiply Group’s Omorfia acquires TGCH to expand in MENA
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Abu Dhabi – Mubasher: Omorfia Group, a beauty anchor majority owned by Multiply Group, has fully acquired the Grooming Company Holding (TGCH), a provider of salon and beauty services in the UAE.

Omorfia closed the deal with CedarBridge Capital Partners, the region’s leading private equity investor in the consumer and beauty sectors, according to a press release.

The transaction aligns with Omorfia’s growth strategy to scale up its beauty services portfolio within the UAE and beyond.

TGCH is a conglomerate spanning 47 owned and operated salons and 15 franchises totalling 62 locations across five countries, catering to both male and female clientele.

Following the acquisition, Omorfia will expand its footprint in existing markets across GCC and the MENA region through organic expansion across all brands and strategic partnerships globally.

Samia Bouazza, Group CEO and Managing Director of Multiply Group, said: “This transaction under Omorfia’s portfolio supports its ambition to establish a dominant beauty services platform, featuring well-run, profitable and cash-generating beauty brands.”

Faris Suhail Al Yabhouni Al Dhaheri, Group CEO and Managing Director of Omorfia, noted: “By strategically aligning our goals and resources, we are poised to capitalize on market opportunities and drive sustainable growth while upholding our unwavering commitment to delivering unparalleled service excellence."

In the first quarter (Q1) of 2024, Multiply Group logged 48% higher net profits excluding fair value changes at AED 393 million, compared to AED 266 million in Q1-23.