Manzanita Capital, the owner of premium beauty retailer Space NK, is reportedly exploring options for a potential sale, with a valuation exceeding £300 million. After 22 years of ownership, the private investment firm is engaging in discussions with bankers to facilitate either a partial or full divestment of the company, as per Sky News sources.
Manzanita Capital, the owner of premium beauty retailer Space NK, is reportedly exploring options for a potential sale, with a valuation exceeding £300 million. After 22 years of ownership, the private investment firm is engaging in discussions with bankers to facilitate either a partial or full divestment of the company, as per Sky News sources.
While the specific banking institution entrusted with overseeing the sale remains undisclosed, industry insiders anticipate a decision to be reached imminently. Analysts estimate Space NK's valuation to range between £300 million and £400 million, considering its recent financial performance highlighted by a nearly tripled EBITDA of £6 million in the fiscal year ending March 25, 2023, as indicated in filings with Companies House.
Manzanita Capital, also holding ownership of French perfumer Diptyque, remains undecided regarding the extent of the potential sale, contemplating whether to divest a minority or controlling stake in Space NK. Notably, this isn't the first instance of Manzanita considering a sale of Space NK; a similar exploration occurred in 2018, when the firm engaged Goldman Sachs for a strategic review, ultimately opting against pursuing a transaction.
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