A significant £31 million management buyout (MBO) has been completed at North East fragrance business Noted Aromas, backed by private equity firm NVM and ecommerce specialist eComplete. The deal, announced on 4 December 2025, is set to propel the Durham-based company's ambitious growth and internationalisation strategy.
A Scented Success Story
Founded by brothers Thomas and James Gibson, Noted Aromas operates as a direct-to-consumer brand in the fast-growing fragrance market. The company has carved out a distinctive niche by selling 'inspired by' fragrance products that echo popular perfumes from luxury brands. It markets these alternatives through its own website, using plain packaging and clear explanations to avoid any confusion, offering consumers a more affordable option.
In preparation for the investment, the company strengthened its leadership by appointing Megan O'Sullivan as Managing Director. O'Sullivan brings valuable experience from previous senior roles at THG and Glossybox. She stated: "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."
Strategic Investment Partnership
The £31m deal represents the second collaboration between Newcastle-based NVM Private Equity and Manchester-based eComplete. NVM focuses on lower-middle market growth companies and has offices across the UK, including its base at The Helix in Newcastle. eComplete specialises in scaling ecommerce businesses.
Mauro Biagioni, Investment Partner at NVM, commented: "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 backing Megan, we believe Noted has significant potential on an international scale."
Andy Duckworth and Paul Gedman of eComplete added in a joint statement: "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."
Advisers and Future Prospects
The complex transaction involved a roster of professional advisers. NVM was advised by BDO, Womble Bond Dickinson, Palladium, Wiispa, Deloitte, CyberDueDil, Continuum and AoN. eComplete received advice from Pannone and Cortus. The vendors, Noted Aromas, were represented by Spayne Lindsay and Swinburne Maddison.
This substantial private equity investment underscores the confidence in the direct-to-consumer model and the specific market position Noted Aromas has established. With fresh capital and strategic support from experienced investors focused on ecommerce scaling, the Durham firm is now poised to expand its reach beyond the UK, aiming to capture a larger share of the global fragrance market.
