Litorina’s portfolio company WallVision successfully completes listing of its subsidiary Embellence Group on Nasdaq First North Premier


  • Embellence Group (“Embellence” or the “Company”), a leading House of Brands in interior decoration, with a focus on premium brands within wallpaper, textile, rugs and other interior decoration, today announced the outcome of the initial public offering of its shares on Nasdaq First North Premier
  • The Offering attracted strong interest from Swedish and international institutions as well as the general public in Sweden, and the Offering was oversubscribed
  • The IPO was priced at SEK 42 per share, corresponding to a market capitalisation of c. SEK 900 million for Embellence
  • Litorina controls approximately 63% of WallVision, who sold c. 50% of its Embellence shares in the IPO including over-allotment

Embellence is a leading House of Brands in interior decoration, with a focus on premium brands within wallpaper, textile, rugs and other interior decoration. With more than 100 years’ history, a competitive brand portfolio, and an international position, customers are offered high-quality products that contribute to a more beautiful and inspiring everyday life.

For the past ten years, the Company has successfully expanded internationally and has established strong presence in large parts of the world, with a leading position in Sweden, Norway, Italy and the UK. Embellence’s brand portfolio comprises Cole & Son, Wall&decò, Boråstapeter, Perswall and Pappelina. The brands’ collective design archive contains everything from exclusive prints with a high degree of design to more timeless and classical styles.

For the full year 2020, Embellence had net sales of SEK 570 million. Despite the COVID-19 pandemic, the Company managed to maintain the sales level with an improved profitability where the Adjusted EBITA margin increased to 14 % from 13 % 2019.

Paul Steene, Partner at Litorina Capital Advisors and board member of Embellence, comments:

”Litorina has been highly committed in the development of Embellence from being a local wallpaper producer to become an international House of Brands within interior decoration. We have strong faith in management’s ability to reach the set financial targets, and as a listed company with strengthened balance sheet, Embellence is well equipped to pursue interesting M&A opportunities. The IPO is a natural step in Embellence’s development and Litorina welcomes all new shareholders to be part of Embellence’s continued journey.”

Olle Svensk, CEO of Embellence, comments:

“The listing on Nasdaq First North Premier is a natural step in our journey to build a leading, brand-driven global group in wallpaper, textile, and rugs. Our target is to double the Company’s size by 2025 by focusing on continued international expansion in the premium segment, which shows attractive organic growth. Also, complemented by a clear acquisition agenda, I, together with the entire Company, welcome new shareholders to be part of our continued journey.”


For further information, please contact:

Paul Steene, Partner, Litorina Capital Advisors
Tel.: +46 8 545 181 88

Olle Svensk, CEO, Embellence
Tel.: +46 33 23 64 00

About Litorina

Litorina, founded in 1998, invests in niche market leading companies with headquarters in the Nordics. Litorina partners with management teams and entrepreneurs that want to take their companies to full potential. Litorina aims to build larger, better and more sustainable companies by contributing relevant experience, knowledge, passion and resources to accelerate growth. For more information, please visit

About Embellence

Embellence Group, founded in 1905 in Borås, is a leading European company in the premium wallpaper segment and has a prominent position internationally with sales in over 90 countries. Our brands include Cole & Son, Wall&decò, Perswall, Pappelina and Boråstapeter. Embellence shall develop its position as a leading House of Brands in interior decoration with a focus on wallpaper, textile, rugs and other interior decoration and drive development in a changing wallpaper and interior decoration market. The Company’s target is to double sales during the next five years to SEK 1.2 billion through continued focus on the premium segment, continuing to expand the international share of net sales and through acquisition of international companies. For more information, please visit,

Important information

This press release does not constitute an offer or a solicitation to sell or acquire securities in Embellence in any jurisdiction. The contents of this press release have been prepared by Litorina and Litorina is solely responsible for the contents hereof.

Any offering of the securities referred to in this announcement has been made by means of a prospectus prepared in accordance with Regulation (EU) of the European Parliament and of the Council) 2017/1129 (the “Prospectus Regulation”). This press release does not constitute a prospectus in accordance with the Prospectus Regulation. Investors should not subscribe or deal in securities referred to in this press release other than on the basis of the information included in a prospectus.

Copies of this press release or the information herein may not, wholly or partly, direct or indirect, be distributed or sent to the United States, Australia, Hong Kong, Canada, New Zealand, Japan, Switzerland or South Africa or any other jurisdiction where such distribution would be illegal or require registration or other measures.

The shares in the Embellence have not been registered and will not be registered under the United States Securities Act of 1933 as amended (the “Securities Act”) or under the securities laws of any state or other jurisdiction in the United States and may not be offered, sold or otherwise transferred, directly or indirectly, in or to the United States, except in accordance with an applicable exemption from or through a transaction that is not subject to the registration requirements of the Securities Act and in accordance with the securities laws of the relevant state or other jurisdiction in the United States.

Furthermore, the securities mentioned in this press release have not been registered and will not be registered under any applicable securities law in Australia, Hong Kong, Canada, New Zealand, Japan, Switzerland or South Africa and may, with certain exceptions, not be offered or sold to or within, or on behalf of a person or for the benefit of a person who is registered, resident or located in, these countries. Embellence does not intend to make an offer to the public to acquire the securities mentioned in this press release other than in Sweden, Norway and Finland.

In the EEA Member States, with the exception of Sweden, (each such EEA Members State a “Relevant State”), this press release and the information contained herein are intended only for and directed to qualified investors as defined in the Prospectus Regulation. The securities mentioned in this press release are not intended to be offered to the public in any Relevant State and are only available to qualified investors except in accordance with exceptions in the Prospectus Regulation. Any invitation, offer or agreement to subscribe for, purchase or otherwise acquire such securities will only be processed for qualified investors. Persons in any Relevant State who are not qualified investors should not take any actions based on this press release, nor rely on it.

This press release does not constitute an offer to persons in the United Kingdom to acquire securities. No prospectus has been registered, or will be registered, in the United Kingdom regarding the securities mentioned in this press release. In the United Kingdom, this press release and other material concerning the securities mentioned herein may be distributed and directed only to (i) professional investors covered by Article 19 (5) of the Financial Services and Markets Act 2000 (the Financial Promotion) (the “Order”), (ii) high net-worth entities under Article 49 (2) (a) to (d) of the Order, and (iii) other persons to whom the prospectus may be lawfully served (all such persons are collectively referred to as “relevant persons”). This press release is addressed only to relevant persons and may not be used or invoked by persons who are not relevant persons. All investments or investment activities to which this press release relates are only available to relevant persons and will only be directed to relevant persons. Persons who are not relevant persons should not take any actions based on this press release, nor rely on it.

Forward-looking information

This press release may contain certain forward-looking information and statements that reflect the Embellence’s current views on future events as well as financial and operational developments. Words such as “refer”, “assess”, “expect”, “can”, “plan”, “estimate”, “calculate”, “could” and other expressions that indicate indications or assessments regarding future developments or trends, and which does not relate to historical facts, constitutes forward-looking information. Forward-looking information is inherently associated with both known and unknown risks and uncertainties because it is dependent on future events and circumstances. Forward-looking information does not constitute a guarantee regarding future results or development and the actual outcome may differ materially from what is stated in forward-looking information. Neither Litorina nor Embellence makes any representations about publishing updates or revisions of forward-looking information as a result of new information, future events or similar circumstances other than as provided by applicable law.