07/2025100%

Space NK acquired by Ulta Beauty

UNITED KINGDOM Retail / Specialized Retail / Beauty & Cosmetics EV £300–700M

Context

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.

Space NK, which reported an EBITDA margin of [members only] in 2025, is valued in this transaction at an EV/EBITDA multiple of 10x–18x.

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Target

Since opening its inaugural lifestyle store in Covent Garden, London, in 1993, Space NK Limited operates as a premium beauty retailer curating luxury cosmetic and fragrance brands. The company focuses on beauty discovery across an omnichannel commercial footprint comprising +80 physical stores (2025) across the United Kingdom and Ireland alongside a dedicated digital e-commerce platform. Under the corporate executive direction of Chief Executive Officer Andy Lightfoot, the commercial format curates specialized product selections tailored to beauty enthusiasts. The retailer focuses its merchandise offering on high-end skin care, premium cosmetics, specialized hair care, and niche fragrance formulations. Operational facilities maintain direct distribution pipelines serving consumers across both the British and Irish territories, combining localized customer consultations with physical retail merchandising.

Ent. Value

£300–700M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (GBP)

Year

Rev

EBITDA

EBIT

2025

2024

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07/2025	NEWPRINCES GROUP	CARREFOUR ITALIA	ITALY	General Grocery
07/2025	OUEST CROISSANCE / MULTICROISSANCE / OCÉAN PARTICIPATIONS	EASY CASH	FRANCE	Second-hand Goods
05/2025	ODDO BHF	BRICONORD	FRANCE	Home & DIY
04/2025	ARKEA CAPITAL	ADOPT PARFUMS	FRANCE	Beauty & Cosmetics
11/2024	APHEON / GROUPE LFPI	HAUDECOEUR	FRANCE	Food Retail
08/2024	RÖTHER GROUP	ADLER	GERMANY	Fashion & Apparel
07/2024	JD SPORTS	HIBBETT	UNITED STATES	Sport
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REFERENCES

Valuation range: EV £300–700M

Revenue range: £250–500M

EBITDA range: £10–30M

EV/Revenue range: 1x - 3x

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Space NK by Ulta Beauty are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: space nk

FAQ

What transaction does this page cover?

This page covers Ulta Beauty’s acquisition of 100% of Space NK, a British company specialised in Specialized Retail, in 2025.

How was the acquisition of Space NK by Ulta Beauty valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the £300–700M band, its EV/EBITDA multiple within the 10x - 18x range, and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What were Space NK’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Space NK generated annual revenue estimated in the £250–500M range and EBITDA in the £10–30M bracket (FY 2025). Detailed financial figures are available to members.

What sources support the information on this transaction?

Information on this transaction is sourced from the official corporate announcement published by the parties, corroborated by a private document shared by the community and verified by the mynth team to ensure the accuracy of the shared information.

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