Ulta Buys British Beauty Retailer

Ulta Beauty Inc. (Bolingbrook, Ill.) announced it has acquired British beauty brand Space NK Ltd. (London) from Manzanita Capital for an undisclosed price. Space NK has 83 stores in the U.K. and Ireland, and will operate as a standalone unit of Ulta.

“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,” said Kecia Steelman, President and CEO of Ulta, which 1451 U.S. retail stores. “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.”

Said Bill Fisher, Manzanita Capital CEO and Founder: “The acquisition of Space NK from Nicky Kinnaird [in 2002] was a key influence in developing Manzanita’s unique expertise in selecting and nurturing luxury and niche premium beauty and perfume brands. I have every confidence that Ulta Beauty and this terrific management team will take Space NK to new heights.”

Added Space NK CEO Andy Lightfoot: “We are energized 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.”

Ulta’s purchase of Space NK was funded with cash on hand and capacity under its existing credit facility. The acquisition is not expected to impact Ulta Beauty’s fiscal 2025 financial results and will not affect the execution of its capital allocation priorities, including its share repurchase program.