Space NK owner prepares £400m sale
The private investment firm which owns Space NK is preparing a sale of the beauty retailer worth over £300m.
Manzanita Capital, which has owned Space NK for over 20 years, has approached investment banks to initiate a sales process, Sky News has reported.
Industry insiders told Sky News that bankers are expected to be approached in the near future, with one source estimating that the retailer could be worth somewhere between £300m and £400m.
Manzanita is reportedly undecided about whether to sell a minority or controlling interest in the retailer.
Founded in 1993, Space NK trades from 76 stores and specialises in skincare products. In its most recent accounts, the retailer reported that earnings before interest, tax, depreciation and amortisation grew nearly threefold in the year ending 25 March 2023 to almost £6m.
Manzanita had previously hired Goldman Sachs to explore a sale of Space NK in 2018, but decided against proceeding with a deal.