Prior notification of a concentration (Case M.12226 – MULTIPLY / PENINSULA / ISEM) – Candidate case for simplified procedure
Date: 2026-01-20
Institutions: Directorate-General for Competition, European Commission
Subjects: designs and models, economic concentration, holding company, investment company, luxury products industry, merger control, packaging product








C_202600417EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2026/417


20.1.2026






Prior notification of a concentration
(Case M.12226 – MULTIPLY / PENINSULA / ISEM)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2026/417)


1.   
On 13 January 2026, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


Multiply Group PJSC (‘Multiply’, United Arab Emirates), controlled by Royal Group Holding LLC (United Arab Emirates),










—


Peninsula Europe II GP SARL (‘Peninsula’, Luxembourg), belonging to the Peninsula Group (Luxembourg),










—


ISEM S.r.l. (‘ISEM’, Italy), belonging to the Peninsula Group (Luxembourg).




Multiply and Peninsula will acquire within the meaning of Article 3(1)(b) and 3(4) of the Merger Regulation joint control of ISEM.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


Multiply is an Abu Dhabi-based investment holding company that invests in transformative businesses through its two arms: (i) Multiply, which operates and invests in long-term strategic vertical, currently Energy and Utilities, Mobility, Beauty and Wellness, Retail and Apparel and Media and Communications; and (ii) Multiply+, which is a flexible, sector-agnostic and opportunistic investment arm,










—


Peninsula is a private equity investment fund which specialises in direct equity investments across Europe, in different sectors, particularly in industry, healthcare, retail, technology, media, telecommunications, business services and financial technologies.






3.   

ISEM is active in the design, production, and B2B commercialisation of luxury and premium secondary packaging for the perfumery, cosmetics, fashion, wines and spirits, luxury goods, eyewear, nutraceuticals, para-pharmaceuticals, and fine food.



4.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2), it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


5.   
The Commission invites interested third parties to submit their possible observations on the proposed concentration to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M.12226 – MULTIPLY / PENINSULA / ISEM
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2026/417/oj
ISSN 1977-091X (electronic edition)