Space NK owner explores sale

Space NK owner Manzanita Capital has reportedly kicked off a formal sales process of the beauty chain, a year after it initially appointed bankers to handle a sale, according to Sky News.

The outlet reported that any deal could see a price tag of between £300m-£400m, however it is thought Manzanita are only expected to sanction a sale if it receives an offer it deems suitable.

Manzanita Capital previously explored a sale of the brand back in 2018 after hiring Goldman Sachs to explore options but decided not to move forward with any deal.

Space NK was founded in 1993 by Nicky Kinnaird and currently has around 80 locations across the UK.

The company specialises in high-end skincare and cosmetics products and has reported robust financial performance in recent years. In the year ending March 25, 2023, its EBITDA nearly tripled to £6m.

Manzanita Capital is a London-based private equity firm founded in 2001 by William S. Fisher, son of Gap Inc. co-founders Donald and Doris Fisher. The firm prioritises investments within the beauty, wellness, and luxury lifestyle sectors, focusing on premium consumer brands with strong growth potential.

Its notable investments include French perfume house Diptyque, Austrian skincare brand Susanne Kaufmann, and Brooklyn-based fragrance label D.S. & Durga, in which it acquired a majority stake in early 2024 . The firm also previously invested in Swedish fragrance brand Byredo, which it sold to Spanish beauty conglomerate Puig in 2022 for a reported $1bn (£751m).

Manzanita Capital has been contacted for comment