Waldencast is to sell Obagi Medical to private equity firm Bridgepoint for US$460m.
The deal leaves Waldencast solely focused on make-up and skin care brand Milk Makeup.
Waldencast was created in 2021 as a special purpose acquisition corporation (SPAC), and acquired Obagi Medical and Milk Makeup in 2022, creating a company worth $1.2bn at the time.
Michel Brousset and Hind Sebti, Waldencast’s founders who also serve as CEO and Chief Growth Officer, respectively, will exit the company to lead Obagi Medical in partnership with Bridgepoint.
Felipe Dutra, the current Chairman of the Board at Waldencast, is set to be appointed Executive Chairman to oversee the transition period.
Milk Makeup President and co-founder Mazdack Rassi, who returned to the brand last year, will continue to lead the colour cosmetics business.
The sale of Obagi Medical follows a strategic review of Waldencast’s business, which was first announced in August 2025.
“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,” said Brousset and Sebti in a statement announcing the deal.
“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.”
Novaestiq, the aesthetics company which Waldencast acquired last year, will also be sold to Bridgepoint as part of the Obagi Medical business.
Waldencast sold Obagi Japan trademark rights for $82.5m last year and refinanced its credit facilities to reduce the company's leverage and strengthen its balance sheet.
When the deal closes, Waldencast intends to repay all of its outstanding senior term loan facility and will continue to invest in Milk Makeup.
Commenting on the deal, Dutra 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.”
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