Space NK owner US Private Equity business Manzanita Capital has recruited bankers Raymond James to handle the sale of the chain, and is expected to fetch between £300-400m according to reports on Sky News.
Manzanita has not declared a timescale for the sale of the beauty brand nor has it confirmed what percentage of the business it will sell, which could be a controlling interest or just a minority stake.
Manzanita has owned the business for 20 years and previously explored a sale of Space NK in 2018 when it hired Goldman Sachs to conduct a strategic review. It opted not to proceed with a deal.
Space NK first opened its doors in 1993 as a lifestyle retailer in Covent Garden, and quickly earnt a reputation for stocking hard to find beauty products and emerging beauty brands sourced from around the world. The brand now operates from 72 stores across the UK and Ireland and 29 stores in the US.
Sky estimates that Space NK could be worth between £300m and £400m based on its recent financial performance.
According to filings at Companies House, Space NK’s EBITDA for FY22/23 to March 2023 came in at £5.98m, nearly tripled its previous years EBITDA of £2.29m.
