Confirmed Control (100%) Closed Transaction verified BeautyBeauty RetailConsumerRetail

Space NK acquired by Ulta Beauty

Ulta Beauty acquired Space NK, an United Kingdom and Ireland beauty retail brand on Jul 10, 2025. The transaction value is shown as USD 399m. The current comp implies EV / revenue of 1.11x. Public sources confirm the deal; valuation inputs may include estimates where transaction materials do not disclose the full economics.

Transaction summary

Target: Space NK
Acquirer: Ulta Beauty
Seller: -
Announced: 2025-07-10
Geography: United Kingdom and Ireland
Tags: BeautyBeauty RetailConsumerRetail
Type: Acquisition
Deal type: Control
Stake acquired: 100%
First added: 2026-08-11
Latest update: 2026-08-11

Value and multiples

Price / value

USD 399M

Purchase Consideration | USD

Basis: Public source

EV / revenue

1.11x

Period: varies by source

Basis: Derived from source data

EV / EBITDA

10.5x

EBITDA: normalised / adjusted

Basis: Derived from source data

Basis

USD 399m purchase consideration is treated as publicly disclosed or derived directly from public source data.
EV / revenue is recorded as 1.11x. The stored USD 399m value and USD 266m revenue imply 1.5x; the rounded source inputs are retained with this variance disclosed.
Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
EV / EBITDA is recorded as 10.5x. The stored USD 399m value and USD 28.0m EBITDA imply 14.3x; the rounded source inputs are retained with this variance disclosed.

Other reviewed estimates

Transaction comps can involve reported or estimated figures from different sources. FundComb uses the values above as the current canonical comp, while preserving prior reviewed estimates below for context.

Turnover and adjusted EBITDA are from Space NK’s filed FY2025 accounts; multiples use Ulta’s disclosed purchase consideration and the 2025-07-10 Frankfurter reference rate.

Revenue GBP 266m | EBITDA GBP 28.0m | EV / revenue 1.11x | EV / EBITDA 10.5x

Open evidence

Source summary

Ulta Beauty Announces Acquisition of Leading British Beauty Retailer Space NK

Confirmed

On July 10, 2025, Ulta Beauty acquired Space NK Limited, a leading luxury beauty retailer operating in the U.K. and Ireland.

Open source

Ulta Beauty August 2025 Form 10-Q

Confirmed

On July 10, 2025, the Company acquired 100% ownership in Space NK

Open source

Ulta Beauty August 2025 Form 10-Q

Confirmed

Net assets acquired $399,152

Open source

Space NK Limited annual report and financial statements for the year ended 29 March 2025

Confirmed

Turnover was £266,072,629; EBITDA was £26,472,222; adjusted EBITDA was £27,953,695.

Open source

Ulta Beauty fiscal second-quarter 2025 Form 10-Q

Confirmed

Ulta’s preliminary purchase accounting reported $399.152 million of consideration for Space NK.

Open source

Frankfurter GBP/USD reference rate for 2025-07-10

Confirmed

The 2025-07-10 reference rate was 1 GBP = 1.3573 USD.

Open source