Earlier this week, Refine Group AB (publ) announced that they are changing their name to Vetted Assets. In connection with this, a new ownership structure and advisory group was presented, including several established e-commerce profiles. Among the new names are Jarno Vanhatapio (founder of Nelly and NA-KD), Juri Gendelman (founder of Stronger), João Caldas (founder of Fancy Stage), and Fredrik Nordendorph (CEO of Essnce, named E-commerce Company of the Year 2026).
The company's stated business idea is to acquire profitable, founder-led e-commerce companies within DTC (direct-to-consumer) that have proven demand and international potential. Growth will then be driven through the "The Vetted Playbook" framework, where AI is a central component for increasing sales and keeping costs down.
First Acquisition Completed
As a first step in the new strategy, the acquisition of 51 percent of the shares in Andy Okay AB was completed last week. The purchase price amounted to 27 million Swedish kronor, divided into 14 million Swedish kronor in cash and 13 million Swedish kronor in a share emission.
Andy Okay, which sells art prints with a connection to charity, has previously been recognized in the industry for its high turnover per employee. The company had a turnover of over 42 million Swedish kronor in the financial year 2023/2024 and approached 100 million Swedish kronor at the end of 2025 – with a core team consisting of only two founders.
CEO Ludvig Neset points to Andy Okay as a benchmark for future investments.
We are building Vetted Assets to become a strong partner for entrepreneur-led companies that have proven their potential, but need the right structure, experience and pace to take the next step. What makes the strategy particularly interesting right now is that AI makes it possible to achieve more sales with a lower cost base than before. Our first acquisition, Andy Okay, is a clear example of that, says Ludvig Neset.
Aiming for 1.4 Billion by 2030
Jarno Vanhatapio, who is now stepping in as General Partner at Vetted Assets, has previously stated that turnover per employee will be a crucial key figure going forward and warned e-commerce companies against building overly heavy organizations. In the new company, growth will take place with digital support.
The journey to a billion is not theoretical for us – it is something we have done in practice and humbly believe we can do again. Now with the support of AI. We optimize the entire value chain – from purchasing and pricing to marketing, data analysis and the customer journey, says Jarno Vanhatapio.
The board of directors has established new financial goals for the group. By 2030, the goal is to reach a turnover of between 1.2 and 1.4 billion Swedish kronor with an adjusted EBITDA margin of 7 to 10 percent. With Andy Okay consolidated in the business, Vetted Assets starts with a pro forma turnover for 2025 of over 200 million Swedish kronor.
In addition to the major shareholders, Vetted Assets has also appointed an advisory body focusing on areas such as marketing and social media. The group includes Natalie Tideström Heidmark and Nicolin Lillhage (Team5pm), Ludwig Magnusson (SoScale), Jorge Castro and Oliver Hudson.