Space NK acquired by Ulta Beauty

In July 2025, financial sponsor Manzanita Capital announced the sale of Space NK to Ulta Beauty, which will operate Space NK as a standalone subsidiary under the continued leadership of CEO Andy Lightfoot. This transaction concludes a 23-year holding period for selling private equity firm Manzanita Capital, which originally acquired the retail business from founder Nicky Kinnaird in 2002 before receiving formal purchase proposals from bidders in May 2025. Financially, Ulta Beauty, Inc. funded the acquisition using available balance sheet cash alongside drawn capacity from its existing corporate credit facility. The transaction is structured not to dilute or impact capital allocation mandates or share repurchase schedules established by the corporate board of Ulta Beauty, Inc. for fiscal year 2025. Strategically, Ulta Beauty, Inc. executes the cross-border transaction to establish an operational entry point into the European cosmetics retail market as part of its Ulta Beauty Unleashed expansion framework, complementing regional retail initiatives across Mexico and the Middle East. Sell-side M&A execution for Space NK Limited and Manzanita Capital was advised financially by Raymond James, with legal counsel delivered by Bryan Cave Leighton Paisner LLP. Ulta Beauty, Inc. retained Goldman Sachs as its exclusive buy-side financial advisor, with Latham & Watkins serving as corporate legal counsel.