Waldencast plc announced that it has entered into a definitive agreement to sell its Obagi Medical dermatological skincare and aesthetics business to Bridgepoint, one of the world’s leading mid-market investors, in a transaction valued at up to $460 million, marking a significant step in Waldencast’s strategy to strengthen its balance sheet and focus on accelerating the global growth of Milk Makeup.
Founded in 1988, Obagi Medical (www.obagi.com) is a pioneer in medical-grade skincare. Rooted in advanced research and skin biology, the brand offers a distinctive portfolio of both prescription and non-prescription products that are scientifically formulated and clinically proven to address the primary concerns of consumers in the professional channel — including premature aging, photodamage, skin discoloration, acne, and sun damage. The brand operates across North America, Europe, Asia and the Middle East through dermatologists, aesthetic practitioners and other healthcare professionals.
Since its acquisition by Waldencast in July 2022, Obagi Medical has built strong momentum by expanding its direct-to-physician business, establishing a highly dynamic online presence, and growing internationally — driving a significant expansion in profitability. In 2025, Obagi Medical further expanded its portfolio through the acquisition of Novaestiq, which led to the Q1 2026 launch of the FDA-approved Obagi Saypha® MagIQ™ dermal filler line. This milestone established Obagi as the world’s first beauty aesthetics “megabrand” — one capable of delivering comprehensive, end-to-end solutions for both professionals and consumers, and significantly expanding the brand’s addressable market.
At closing, Waldencast founders Michel Brousset and Hind Sebti, along with selected members of the management team, will transition from the Company to lead Obagi Medical in partnership with Bridgepoint. Waldencast expects to appoint Felipe Dutra, Current Chairman of the Board, as Executive Chairman to oversee the transition period, effective immediately.
Michel Brousset, founder and CEO of Waldencast, and Hind Sebti, Founder and Chief Growth Officer of Waldencast, said: “We founded Waldencast with a clear vision — to build a best-in-class beauty and wellness platform that creates and scales high-growth, purpose-driven brands. We are proud of the transformation and growth we delivered at both Milk Makeup and Obagi Medical. We will focus on the next chapter for Obagi Medical alongside Bridgepoint, a partner that shares our long-term ambition for the brand: to build the number one dermatological mega-brand uniquely positioned to serve the beauty and wellness needs of physicians, patients, and consumers worldwide.”
In conjunction with the closing of the transaction, Waldencast intends to repay all of its outstanding senior term loan facility and continue to invest in its remaining brand, Milk Makeup, as a leading color cosmetics business, under the leadership of President and Co-Founder Mazdack Rassi. Any further allocation of transaction proceeds remains subject to review by the Board of Directors of the Company.
Felipe Dutra, Chair of the Waldencast Board, said: “Following a comprehensive strategic review, the Board believes this transaction represents the best path forward for Waldencast and its shareholders. The sale meaningfully strengthens the Company’s balance sheet and enables a sharper strategic focus on Milk Makeup, a brand with significant global growth potential. I would like to thank Michel, Hind and the broader Obagi Medical team for their leadership and contributions to the business and I am looking forward to a close collaboration with Rassi and the Milk Makeup team.”
Fabrice Turcq, Head of Healthcare and Partner at Bridgepoint, said: “Obagi Medical is a category-leading brand with a strong scientific heritage, deep physician relationships and a pioneering position in physician-dispensed skincare – one of the fastest-growing segments of the dermatology and aesthetics market. The acquisition builds on Bridgepoint’s growing track record across the dermatology, aesthetics and skincare ecosystem, including its investment in Laboratoires Vivacy, where Bridgepoint sees opportunities for future partnership. We admire the work Michel and Hind have done to transform and accelerate the brand. Together, we aim to further strengthen Obagi Medical’s position as a global leader in physician-led skincare and aesthetics.”
Under the terms of the agreement, Bridgepoint will acquire 100% of the equity interests of the business trading as Obagi Medical. The purchase price will consist of an enterprise value of up to $460 million, subject to customary purchase price adjustments for net financial indebtedness, net working capital variations, and certain other debt-like items and contingent future payments. Further details relating to the transaction and purchase price components will be set out in an announcement on Form 6-K to be filed by Waldencast.
The transaction, which has been unanimously approved by disinterested members of the Waldencast Board of Directors, is expected to close within the third quarter of 2026, subject to customary closing conditions, including receipt of required regulatory approvals. The transaction is not subject to a financing condition or a shareholder vote. Concurrent with the completion of the transaction, the Company expects to repay its approximately $178 million of senior secured term loan (including certain additional guaranteed payments) to Lumina Capital Management Ltda.
Lazard is serving as exclusive financial advisor to Waldencast, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel to Waldencast.
