Ulta Beauty has acquired British beauty retailer Space NK, marking its first major move into the UK market. Financial terms of the deal were not disclosed.

Founded in 1993, Space NK operates 83 stores across the UK and Ireland and is known for curating a portfolio of premium and innovative beauty brands.

The business will continue to operate as a standalone subsidiary under the leadership of CEO Andy Lightfoot.

“We have long respected Ulta Beauty as the leading specialty beauty retailer in the US,” said Lightfoot. “We are energised and excited by the opportunity to join Ulta Beauty and benefit from its scale, brand relationships and resources to further fuel our mission to serve beauty-obsessed consumers through expertise and innovation.”

Meanwhile, Ulta Beauty CEO Kecia Steelman expressed her optimism with the transaction.

“The acquisition offers a unique and strategically compelling opportunity to enter the growing UK market with a successful and growing brand,” she explains. “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.”

The acquisition was funded through Ulta Beauty’s cash reserves and existing credit facility. The company said the deal is not expected to have a material impact on its current fiscal year performance or capital allocation plans, including share repurchases.

Goldman Sachs served as the exclusive financial advisor to Ulta Beauty, with Latham & Watkins acting as legal counsel.