Heatons' corporate finance team acted for Icelandic company Fragrance Holdings in its £42 million acquisition of a majority stake in Manchester-based Per-Scent Group.
Fragrance is owned by L & H Eignarhaldsfelag and the acquisition further underlines Heatons' expertise in the Icelandic investment market.
Other recent deals have included transactions for Baugur Group, Kaldbakur and IFP Holdings.
Per-Scent Group, established by Sanjay Vadera and his family, distributes fragrances to shops and pharmacies.
The firm, which was established in 1990, won the Best Emerging Company in the CBI's North West Business Awards in 2003. Following the acquisition by Fragrance Holdings, Mr Vadera will stay on as chief executive.
Managing partner of Heatons Matt Fleetwood said: "This was another extremely interesting deal to be involved with.
"It became very clear from working with Sanjay on this transaction that L & H have found an entrepreneur with the drive and ability to move the business forward, with strong financial support."