Space NK acquired by American beauty group
US beauty group Ulta Beauty has acquired Space NK from Manzanita Capital in a deal believed to be worth around £300m.
Ulta Beauty said the cosmetics retailer will operate as a standalone subsidiary, led by its existing management team including CEO Andy Lightfoot.
Kecia Steelman, president and chief executive officer of Ulta Beauty, said: “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.”
Andy Lightfoot, CEO of Space NK, added: “We have long respected Ulta Beauty as the leading specialty beauty retailer in the U.S. We are energised 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.”
Space NK – which operates 83 stores across the UK and Ireland – was placed on the market earlier this year by Manzanita. The group had also previously explored a sale of Space NK through Goldman Sachs in 2018, however opted not to go ahead.