Ulta Beauty buys Space NK from Manzanita Capital

Ulta Beauty buys Space NK from Manzanita Capital

Ulta Beauty, the leading US beauty retailer, is set to acquire Space NK from its long-term owner, Manzanita Capital. The acquisition, valued at over £300 million, marks a significant expansion for Ulta Beauty into the UK beauty market. The deal involves Ulta Beauty registering an acquisition vehicle at Companies House, as reported by Sky News [1].

Manzanita Capital, which has owned Space NK for over 20 years, initiated the sale process in April 2024 by engaging Raymond James bankers to oversee an auction. This move follows a previous exploration of a sale in 2018, when Goldman Sachs was hired for a strategic review. However, the sale was not pursued at that time [1].

The acquisition would give Ulta Beauty a substantial presence in the UK beauty sector, with Space NK being one of Britain’s most recognized premium beauty chains. The exact purchase price remains undisclosed, but sources suggest it will exceed £300 million ($380 million) [2].

This acquisition aligns with Ulta Beauty’s strategy to expand globally and strengthen its market position. The deal is expected to be finalized soon, pending regulatory approvals.

References:
[1] https://www.retailgazette.co.uk/blog/2025/07/space-nk-ulta-beauty/
[2] https://www.investing.com/news/stock-market-news/ulta-beauty-set-to-acquire-uks-space-nk-in-deal-worth-over-300m--report-93CH-4129305