Latham is representing Ulta Beauty, while BCLP is advising Manzanita Capital and Space NK. The acquisition provides an opportunity for Ulta Beauty to enter the growing UK market and underscores the company’s focus on international expansion under its turnaround plan, said Ulta Beauty CEO Kecia Steelman.
Following the acquisition, 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 CEO Andy Lightfoot.
London-based global department leader Carol Osborne is heading up BCLP’s deal team, while corporate partners Ed Barnett and Linzi Thomas in London lead Latham’s team.
In addition to Barnett and Thomas, the Latham team also includes Houston corporate partner Ryan Maierson on US matters and London partners Simon Skinner on tax, Quentin Gwyer on real estate, Fiona Maclean on data and technology, and Sarah Gadd on employment and benefits matters. Insurance matters are being handled by Los Angeles partner Harrison White.
BCLP’s team also includes tax, employee benefits and private client partner Simon Letherman.
Founded by beauty industry veteran Nicky Kinnaird, Space NK offers premium beauty and perfume brands in the UK and Ireland through 83 cosmetics retail stores, as well as online. Ulta Beauty is the largest specialty US beauty retailer for cosmetics, fragrance, skin care products, hair care products and salon services.
Ulta Beauty funded the deal with cash on hand and capacity under its existing credit facility, but did not disclose the financial terms of the transaction. However, the deal value is likely to exceed £300m, according to a Sky News report.
Manzanita Capital CEO Bill Fisher 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.”
Manzanita Capital is a specialist investor focused on developing luxury and premium beauty companies. Backed by family capital, its investments include Diptyque, D S & Durga and Byredo.
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