Vetted Assets buys 70% of art e-tailer Criss Bellini in SEK 25M deal
What's the deal? Vetted AssetsDealroom has a profile for this one. Try Dealroom → has agreed to acquire 70% of Criss BelliniDealroom has a profile for this one. Try Dealroom →, a Swedish e-commerce seller of art, posters and paintings, for a preliminary SEK 25 million in cash. The acquirer will also receive an option to buy the remaining 30% within five years of completion.
The numbers: Criss Bellini generated revenue of SEK 23.9 million in 2025, with operating profit (EBIT) of SEK 8.5 million — a margin of roughly 35.5%. For the first five months of 2026, net sales reached about SEK 13.9 million and EBIT about SEK 4.7 million, a margin near 33.8%.
The terms: The price for 70% implies an EV/EBIT multiple of about 3.9x on 2025 operating profit. If Criss Bellini's net cash deviates from SEK 2.5 million, the figure will be adjusted after completion.
How it's financed? Vetted Assets will fund the purchase through a fully guaranteed rights issue of roughly SEK 15 million, priced at SEK 4.40 per share, plus a SEK 20 million external loan. Larger shareholders and senior executives have provided subscription undertakings covering the full amount. An over-allotment option could add up to SEK 10 million if the issue is oversubscribed.
Why now? The board approved the rights issue on July 16, 2026, conditional on shareholder approval at an extraordinary general meeting expected August 19, 2026. Vetted Assets has brought forward its second-quarter interim report to August 20, 2026, in light of the raise.
What's the endgame? This marks Vetted Assets' second acquisition in art, though chief executive officer Ludvig Neset stresses it does not reflect a sector-specific strategy. "We are highly selective in our acquisitions, and Criss Bellini represents exactly the type of company we look for," he said, citing high margins, strong profitability and "international scalability."
What could go wrong? Completion depends on Vetted Assets securing financing for the purchase price, shareholder approval at the EGM, and other customary conditions. None are guaranteed.
The signal: The low EV/EBIT multiple points to how acquirers can pick up profitable, cash-generative e-commerce niches at modest valuations — building a portfolio through disciplined, deal-by-deal buying rather than a single thematic bet.
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