Press release
Ulta Beauty Announces Acquisition of Leading British Beauty Retailer Space NK from Manzanita Capital
BOLINGBROOK, Ill.--(BUSINESS WIRE)-- Ulta Beauty, Inc. (NASDAQ: ULTA) today announced that it has acquired Space NK Limited, a leading British beauty
About this update from Ulta Beauty, Inc.
[{"type":"text","content":" BOLINGBROOK, Ill.--(BUSINESS WIRE)--\nUlta Beauty, Inc. (NASDAQ: ULTA) today announced that it has acquired Space NK Limited, a leading British beauty retailer, from Manzanita Capital, a beauty sector specialist investor with a long-term investment horizon. Financial terms of the transaction were not disclosed.\n\n\nSpace NK is a curator of some of the world’s most innovative beauty brands and a go-to destination for beauty discovery in its 83 stores in the UK and Ireland and online. Space NK will operate as a standalone subsidiary of Ulta Beauty and will continue to be led by its existing management team, including Space NK chief executive officer Andy Lightfoot.\n\n\n“We are excited to enter the UK market via the Space NK banner,” said Kecia Steelman, president and chief executive officer of Ulta Beauty. “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.”\n\n\n“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,” continued Steelman.\n\n\nBill Fisher, CEO and founder of Manzanita Capital, commented “Space NK has been an important part of Manzanita Capital for the past 23 years. The acquisition of Space NK from Nicky Kinnaird was a key influence in developing Manzanita’s unique expertise in selecting and nurturing luxury and niche premium beauty and perfume brands.”\n\n\n“I have every confidence that Ulta Beauty and this terrific management team will take Space NK to new heights,” continued Fisher.\n\n\n“We have long respected Ulta Beauty as the leading specialty beauty retailer in the U.S. 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,” said Andy Lightfoot.\n\n\nThe purchase of Space NK w...