NVM Private Equity and eComplete have completed a £31m MBO at a Durham-based fragrance business, which is rapidly growing.
Noted Aromas is a direct-to-consumer fragrance brand which provides UK-manufactured, affordable products to its growing customer base.
The MBO was led by NVM in partnership with eComplete, the e-commerce specialists and majority shareholders behind The Beauty Tech Group PLC (CurrentBody), which was admitted to the LSE in October with a market capitalisation of £300m.
As part of the pre-deal process, Megan O’Sullivan was appointed managing director, having held a number of senior roles at THG. O’Sullivan, eComplete and the existing management team collectively have deep operational experience and sector knowledge, positioning the business strongly to capitalise on the significant growth opportunity both in the UK and internationally.
Mauro Biagioni, investment partner of NVM Private Equity, said: “We are delighted to back Noted Aromas at this pivotal stage. The business has already proven its ability to attract and retain a loyal customer base and with the combined resources of NVM and eComplete backing Megan, we believe Noted has significant potential on an international scale.”
In a joint statement, Andy Duckworth and Paul Gedman of eComplete added: “This marks our second deal with NVM, and we are delighted to be partnering with the team again. Noted Aromas possesses the hallmarks of an early disruptor with a large global opportunity ahead. We look forward to sharing early progress updates throughout 2026.”
Megan O’Sullivan, managing director of Noted Aromas, said: “This investment marks a transformational moment for Noted Aromas and I am delighted to be leading the team as we embark on a period of rapid growth and internationalisation.”
Advisers on the deal
NVM
Financial and tax diligence – BDO – Chris Heatlie
Legal – Womble Bond Dickinson – Oliver Rickett, Alex Fergus, Robert Phillips, Becky Brook Commercial / Digital – Palladium – Dan Shreeve
W&I – Wiispa – Thomas Baker
Tax structuring – Deloitte – Mark Lockey
Cyber diligence – CyberDueDil – Nick Ashton, Sam Brown
Management diligence – Continuum – Steve Wycherley
Insurance diligence – AoN – John Donald
eComplete
Legal – Pannone – Tim Hamilton, Andrew Walsh, Sean Stevens
Financial – Cortus – Daniel Booth
Noted Aromas
Corporate Finance – Spayne Lindsay – Chris Dedman, Justine Moldenhauer
Legal – Swinburne Maddison – Martyn Tennant, Alex Siddle, Alex Wilby and Rebecca Logue
