Pannone Corporate has advised eComplete on the £31 million majority acquisition of fragrance business, Noted Aromas.

The Manchester law firm acted as legal adviser to eComplete – the e-commerce specialist and majority shareholder behind The Beauty Tech Group plc, which was admitted to the London Stock Exchange (LSE) in October with a market capitalisation of £300 million.

The MBO is the second transaction where eComplete has partnered with NVM Private Equity. The Pannone team was led by corporate partner, Tim Hamilton, with support from Andrew Walsh, associate partner, Catherine Ossai and Rhianna Hough.

Tim Hamilton commented: “2025 has been a pivotal year for eComplete, which has been created to buy, build and scale ecommerce brands with global potential. It is building an enviable reputation in the beauty and health sectors. We are delighted to have supported them on the investment in Noted Aromas, which is the fourth deal we have worked on with them in the past couple of years.

“Noted Aromas is an innovative brand that sits on the cusp of rapid growth, both domestically and internationally.”

Noted Aromas is a direct-to-consumer fragrance brand which provides UK manufactured, affordable products to its growing customer base.

In a joint statement Andy Duckworth and Paul Gedman of eComplete said: “This is a significant transaction for eComplete in a transformative year for us and we are delighted to be partnering with the Pannone 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.”