Ulta Beauty enters U.K. with acquisition of British beauty retailer Space NK

Ulta Beauty is accelerating its international growth.

The U.S. beauty powerhouse said it has acquired British beauty retailer Space NK Limited from London investment firm Manzanita Capital. Financial terms of the deal were not disclosed except that the purchase was funded with cash on hand and capacity under Ulta’s existing credit facility.

Space NK, which was founded in 1993 with a store in London’s Covent Garden featuring hard-to-find beauty items from emerging international brands, operates 83 stores in the U.K. and Ireland along with its online platform. The company will operate as a standalone subsidiary of Ulta Beauty.

“International expansion is an integral part of our Ulta Beauty Unleashed plan, and the acquisition of Space NK offers a unique and strategically compelling opportunity to enter the growing U.K. market with a successful and growing brand,” said president and CEO Kecia Steelman, who took the reins at Ulta in January. ”Along with our initiatives in Mexico and the Middle East, we are creating a broader platform for Ulta Beauty to unlock long-term, profitable growth. We look forward to working with the Space NK team to support their continued growth and success”

Space NK will continue to be led by its existing management team, including CEO Andy Lightfoot.