Manzanita Capital Sells Space NK to Ulta Beauty
Deal News | Jul 28, 2025 | Bryan Cave Leighton Paisner LLP
In a significant transaction in the beauty sector, international law firm Bryan Cave Leighton Paisner LLP (BCLP) advised Manzanita Capital on its sale of Space NK to Ulta Beauty. Space NK, founded in 1993, has evolved from its origins as a lifestyle retailer in London to a prominent beauty brand, operating 83 locations across the UK and Ireland, as well as a robust online platform. Post-acquisition, Space NK will function as a standalone subsidiary of Ulta Beauty, retaining its current management team. Manzanita Capital, a London-based family fund for the Fisher family, boasts a portfolio rich in premium and luxury beauty brands such as Diptyque and Malin+Goetz. The transaction's legal aspects were orchestrated by Carol Osborne, leading a BCLP team that spanned corporate transactions, tax, and finance. Raymond James served as Manzanita's financial advisor, while Goldman Sachs supported Ulta Beauty alongside legal counsel from Latham & Watkins.
Sectors
- Beauty and Personal Care
- Mergers and Acquisitions
- Legal Services
- Finance
Geography
- United Kingdom – Space NK is headquartered in the UK, and Manzanita Capital is a London-based family fund.
- United States – Ulta Beauty is the largest specialty beauty retailer in the U.S., and the transaction involved U.S.-based financial and legal advisors.
Industry
- Beauty and Personal Care – This transaction involves Space NK, a leading retailer in the beauty and personal care sector, and Ulta Beauty, the largest specialty beauty retailer in the U.S.
- Mergers and Acquisitions – The article covers the acquisition of Space NK by Ulta Beauty, highlighting its transactional nature within the M&A field.
- Legal Services – BCLP and Latham & Watkins provided legal advisory services for the transaction, showcasing the involvement of the legal industry.
- Finance – The role of financial advisors Raymond James and Goldman Sachs emphasizes the finance industry's participation in the acquisition deal.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Space NK | Target Company | Company | A UK-based beauty retailer, which will operate as a standalone subsidiary of Ulta Beauty post-acquisition. |
| Manzanita Capital | Selling Company | Company | A London-based family fund focusing on premium and luxury beauty brands, seller of Space NK. |
| Ulta Beauty | Bidding Company | Company | The largest specialty U.S. beauty retailer acquiring Space NK. |
| Bryan Cave Leighton Paisner LLP (BCLP) | Legal Advisor to Seller | Company | Provided legal advisory services to Manzanita Capital on the transaction. |
| Latham & Watkins | Legal Advisor to Buyer | Company | Provided legal advisory services to Ulta Beauty on the transaction. |
| Raymond James | Financial Advisor to Seller | Company | Acted as the financial advisor to Manzanita in the sale of Space NK. |
| Goldman Sachs | Financial Advisor to Buyer | Company | Acted as the financial advisor to Ulta Beauty in the acquisition of Space NK. |