L CATTERTON TAKES MINORITY STAKE IN EX NIHILO L Catterton agreed to acquire a significant minority stake in Ex Nihilo, the Paris-based luxury fragrance house, as Eurazeo exits its position. The co-founders are reinvesting alongside the PE firm.​ Ex Nihilo, founded in 2013, doubled in scale with Eurazeo and reached $117M in retail sales. The brand has established cult status in the luxury segment.​ Eurazeo invested $30M in Ex Nihilo back in 2024 when the company was generating $58M in sales. The firm is expected to generate a 2.5x multiple on its initial investment, pricing L Catterton’s stake at $75M. L Catterton, with $37B in AUM, brings proven expertise in scaling premium brands globally. Recent deals in fragrance include: - eComplete group’s acquisition of Noted Aromas at 1.55x sales. - Monogram Capital Partners’ acquisition of luckyscent - Estee Lauder invested in Xinu

WEEKLY CONSUMER GOODS TRANSACTION ROUNDUP - 1.5.26 Lots of deals this week so not everything could fit into this post, check out our newsletter for the full roundup. VC Deals: 👉 The Lemon Perfect Company raised $9.7M for its latest funding round structured as a debt tranche with equity upside via rights to acquire shares. Lemon Perfect projected $60M in retail sales for 2023, $100M for 2025, and $160M for 2026. 👉 Evergreen Waffles raised $15.2M from Melitas Ventures and Terpsi Capital as part of its Series A Closing. Launched in 2020 and known for its healthy frozen waffles, the brand projects to reach $26M in sales for 2025, a 180% YoY increase from $9.3M in 2024. 👉 VIEVE, the Scottish cosmetics brand founded in 2020 by makeup artist Jamie Genevieve, closed a $12M funding round in December led by Piper. In 2024 VIEVE posted around $8.8M in revenues and is expected to grow by 53% YoY to $13.5M in 2025. 👉 THC drink Jeng Alcohol-Free Sparkling Cocktails secures strategic investment from Quench Ventures. Jeng’s current product lineup features 7 core SKUs in the standard microdose formulation (3mg THC / 6mg CBD). M&A Deals: 👉 eComplete Group backed a $42M (£31M) management buyout for UK-based Noted. Aromas. Noted, founded in 2022, reported $1.3M in revenues in its first year and posted $27M in revenues prior to the MBO. 👉 plant-based meal delivery company Splendid Spoon acquired Mosaic Foods. Mosaic is a frozen plant-based meal delivery company founded in 2019 and raised a $6M seed in 2021 led by Gather Ventures. 👉 Nike is suspected to sell Converse as brand struggles. From 2023 to 2025, Converse sales dropped 30% as Nike fends off competition in the performance segment against On and Hoka. Marketing related expenses dropped 44% YoY, a sign of lost interest in continued investment. 👉 Kiss Products, Inc., the world’s largest manufacturer and distributor of salon-quality nails and lashes, has acquired Chillhouse, a trendy brand that has become a leader in press-on nails and self-care products. 👉 L Catterton is taking a majority stake in good culture, a cottage cheese maker that is banking on America’s latest obsession with protein-rich foods for a rumored $500M. The company reported to have crossed $200M in sales in 2024 doubling 2023 revenue figures. 👉 OLAPLEX may receive a takeover offer from Henkel. Olaplex has struggled to ignite sales since IPO and in Q3 2025 reported sales -4% YoY with only its professional segment growing. JP Morgan expects Olaplex's EBITDA for FY25 to be ~$90M (expected EV/EBITDA of ~8.8x).

ECOMPLETE GROUP ACQUIRES FRAGRANCE BRAND NOTED AROMAS FOR $42M eComplete Group, a specialist in growing DTC brands and NVM, a UK PE fund have backed a $42M (£31M) management buyout for UK-based Noted Aromas. Noted was founded in 2022 by brothers Thomas and James Gibson and specializes in manufacturing fragrances that replicate high-end designer scents at a fraction of their luxury retail prices. Their DTC business has a loyal customer base of 1M people. Noted reported $1.3M in revenues in its first year and posted $27M in revenues prior to the MBO, an approximately 175% CAGR in revenue over the 2022-2025 period. The MBO will enable the Gibson brothers to exit the business and bring professional management and institutional capital to unlock Noted’s global expansion. Megan O’Sullivan, an ex-THG veteran, has been appointed as Managing Director and will lead Noted towards global expansion. eComplete is the majority stakeholder behind The Beauty Tech Group which went public on LSE this past October.

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