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.

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

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: varies by source

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 399m purchase consideration is treated as publicly disclosed or derived directly from public source data.
Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
EV / revenue: 1.11x.
Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
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

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