Ulta Beauty has acquired Space NK Limited, a prominent British beauty retailer, from Manzanita Capital. The financial terms of the deal were not disclosed.
Space NK, known for curating innovative beauty brands, operates 83 stores in the UK and Ireland, plus an online presence. It will continue to operate as a standalone subsidiary of Ulta Beauty, led by its current CEO, Andy Lightfoot.
Ulta Beauty funded the acquisition with cash on hand and its existing credit facility. The company does not expect the acquisition to materially impact its fiscal 2025 financial results or its share repurchase program.
Goldman Sachs advised Ulta Beauty, with Latham & Watkins providing legal counsel. Raymond James advised Space NK, and Bryan Cave Leighton Paisner LLP provided legal counsel to Manzanita Capital and Space NK.
KEY QUOTES:
“We are excited to enter the UK market via the Space NK banner. International expansion is an integral part of our Ulta Beauty Unleashed plan, and the acquisition of Space NK offers a unique and strategically compelling opportunity to enter the growing UK market with a successful and growing brand. Along with our initiatives in Mexico and the Middle East, we are creating a broader platform for Ulta Beauty to unlock long-term, profitable growth.”
“Space NK’s management team, with the backing of Manzanita Capital, has done an excellent job building a differentiated beauty experience that inspires consumers through tailored product mixes. We look forward to working with the Space NK team to support their continued growth and success.”
Kecia Steelman, president and chief executive officer of Ulta Beauty
“Space NK has been an important part of Manzanita Capital for the past 23 years. The acquisition of Space NK from Nicky Kinnaird was a key influence in developing Manzanita’s unique expertise in selecting and nurturing luxury and niche premium beauty and perfume brands.”
“I have every confidence that Ulta Beauty and this terrific management team will take Space NK to new heights.”
Bill Fisher, CEO and founder of Manzanita Capital
“We have long respected Ulta Beauty as the leading specialty beauty retailer in the U.S. We are energized and excited by the opportunity to join Ulta Beauty and benefit from its scale, brand relationships and resources to further fuel our mission to serve beauty obsessed consumers through expertise and innovation.”
Andy Lightfoot
