Waldencast Announces Sale of Obagi Medical To Bridgepoint

Waldencast plc 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.

The move, officials said, marks a significant step in Waldencast’s strategy to strengthen its balance sheet and focus on accelerating the global growth of Milk Makeup.

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.

“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,” said Brousset. 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.”

Distinctive Portfolio

Founded in 1988, Obagi Medical is a leader 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 among 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, officials said.

In conjunction with the closing of the transaction, Waldencast intends to repay all 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.