Ulta Beauty is acquiring UK retailer Space NK in a deal understood to be worth over £300 million.
Latham & Watkins is advising Ulta, while BCLP is acting for Space NK and owner Manzanita Capital.
Latham and BCLP have landed roles on Ulta Beauty’s acquisition of British beauty retailer Space NK.
Ulta, a $21 billion New York-listed cosmetics chain with over $11 billion in revenue, is buying Space NK from long-time owner Manzanita Capital. While financial terms haven’t been disclosed, the price is reportedly well over £300 million.
Space NK operates 83 stores across the UK and Ireland. The business will continue to operate as a standalone subsidiary under CEO Andy Lightfoot and its existing management team.
The deal is the latest high-profile move in the UK beauty sector. In June, L'Oréal took a majority stake in skincare brand Medik8 from private equity firm Inflexion, with A&O Shearman, Simmons and Taylor Wessing advising.
Advising
Latham & Watkins is advising Ulta, fielding a transatlantic team led by London corporate partners Ed Barnett and Linzi Thomas, alongside Houston-based corporate partner Ryan Maierson providing US advice. The firm also brought in tax, real estate, tech, employment and insurance specialists from its London and US benches.
BCLP is advising Manzanita Capital and Space NK, with a team led by London-based global corporate and finance head Carol Osborne. Tax partner Simon Letherman is also involved.
Join 10,000+ City law professionals who start their day with our newsletter.
The essential read for commercially aware lawyers.
