Space NK acquired by Ulta Beauty
Ulta Beauty acquired Space NK, an United Kingdom and Ireland beauty retail brand, on Jul 10, 2025.
Transaction summary
- Target
- Space NK
- Acquirer
- Ulta Beauty
- Seller
- -
- Announced
- 2025-07-10
- Geography
- United Kingdom and Ireland
- Type
- Acquisition
- Deal type
- Control
- Stake acquired
- 100%
- First added
- 2026-08-11
- Latest update
- 2026-08-11
Value and multiples
100% enterprise value
USD 399M
100% enterprise value | USD
Basis: Public source
Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.
EV / revenue
1.11x
Period: FY2025 Ended 2025 03 29
Basis: Derived from source data
EV / EBITDA
10.5x
EBITDA: normalised / adjusted
Basis: Derived from source data
Amounts paid and other reported values
Original reported amounts and bases; a stake payment is distinct from the estimated whole-company valuation.
Purchase Consideration: USD 399M
Ulta's subsequent SEC filing disclosed $399.152m of preliminary purchase price consideration.
Basis
- USD 399.152m / 1.3573 GBP/USD = GBP 294.078m; GBP 294.078m / GBP 266.073m turnover = 1.1053x; / GBP 27.954m adjusted EBITDA = 10.5202x.
Other reviewed estimates
Earlier estimates and their sources.
Source summary
Ulta Beauty Announces Acquisition of Leading British Beauty Retailer Space NK
ConfirmedOn July 10, 2025, Ulta Beauty acquired Space NK Limited, a leading luxury beauty retailer operating in the U.K. and Ireland.
Open sourceUlta Beauty August 2025 Form 10-Q
ConfirmedOn July 10, 2025, the Company acquired 100% ownership in Space NK
Open sourceSpace NK Limited annual report and financial statements for the year ended 29 March 2025
ConfirmedTurnover was £266,072,629; EBITDA was £26,472,222; adjusted EBITDA was £27,953,695.
Open sourceUlta Beauty fiscal second-quarter 2025 Form 10-Q
ConfirmedUlta’s preliminary purchase accounting reported $399.152 million of consideration for Space NK.
Open sourceFrankfurter GBP/USD reference rate for 2025-07-10
ConfirmedThe 2025-07-10 reference rate was 1 GBP = 1.3573 USD.
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