Manzanita Capital hires bankers to handle auction
- Space NK owner Manzanita Capital is planning to sell the beauty chain
- The sale is expected to fetch more than £300m
- Raymond James has been hired to oversee the auction
- Manzanita is undecided on the timing and whether to sell a minority stake or controlling interest
- Space NK’s EBITDA nearly tripled to £6m in the year to 25 March 2023
- Space NK is set to open a new location in Manchester’s Trafford Centre
Space NK owner Manzanita Capital has hired bankers to handle the sale of the beauty chain, which is expected to fetch more than £300m. The private equity firm has picked Raymond James to oversee an auction later this year. Manzanita is understood to have not yet made a firm decision on the timing of the sale of premium beauty retailer. The firm, which has owned Space NK for more than 20 years, is also said to be undecided on whether to sell a minority stake or controlling interest in the retailer. One source estimates that Space NK could be worth between £300m and £400m based on its recent financial performance. According to filings at Companies House, the beauty retailer’s EBITDA nearly tripled to £6m in the year to 25 March 2023. Space NK, which trades from 76 stores and employs more than 1,000 people, revealed today that it is due to open its second Manchester location later this year in the city’s Trafford Centre.
Factuality Level: 8
Factuality Justification: The article provides factual information about the hiring of bankers to handle the sale of Space NK, the potential value of the beauty chain, and the previous exploration of a sale in 2018. The information is presented in a straightforward manner without sensationalism or bias. There are no obvious inaccuracies or misleading details in the article.
Noise Level: 3
Noise Justification: The article provides relevant information about the potential sale of Space NK, including details about the hiring of bankers, the expected sale price, and the firm’s previous exploration of a sale. It also includes financial performance data and future plans of the beauty retailer. However, the mention of Sainsbury’s profit expectations at the end seems unrelated and adds noise to the article.
Financial Relevance: Yes
Financial Markets Impacted: Beauty industry, private equity firms, potential buyers
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the potential sale of beauty chain Space NK, which has financial implications for the beauty industry, private equity firms, and potential buyers. However, there is no mention of any extreme events or their impact.
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