Waldencast sells Obagi Medical to Bridgepoint in $460m deal
Waldencast has agreed to sell its Obagi Medical dermatological skincare and aesthetics business to private equity firm Bridgepoint in a deal with an enterprise value of up to $460 million.
The transaction, announced this morning, will see Bridgepoint acquire 100 per cent of Obagi Medical, with the deal expected to close in the third quarter of 2026 subject to regulatory approval. It is not subject to a financing condition or a shareholder vote.
For Waldencast, the sale represents a significant reshaping of the company. Founders Michel Brousset and Hind Sebti, who have run the business since launching it in 2019, will leave Waldencast at closing to lead Obagi Medical alongside Bridgepoint, along with selected members of the existing management team. Felipe Dutra, current chair of the Waldencast board, has been appointed executive chair with immediate effect to oversee the transition.
The proceeds will be used to repay Waldencast's approximately $178 million senior secured term loan with Lumina Capital Management, with the remainder reinvested behind Milk Makeup, the colour cosmetics business that will become Waldencast's sole brand following the deal.
Waldencast acquired Obagi Medical in July 2022 and has grown the business by expanding its direct-to-physician channel, building out the online presence and pushing international growth. In 2025 the company acquired aesthetics injectables business Novaestiq, which led to the launch of the FDA-approved Obagi Saypha MagIQ dermal filler range in the first quarter of 2026.
That filler launch is significant context for the Bridgepoint deal. It moved Obagi from a topical skincare specialist into the injectables category, broadening its addressable market and giving it a portfolio that spans both prescription and non-prescription skincare alongside dermal fillers.
Brousset and Sebti, in a joint statement, said the sale was the next chapter for a brand they had built up over four years. "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," they said. "We will focus on the next chapter for Obagi Medical alongside Bridgepoint, a partner that shares our long-term ambition for the brand."
Dutra said the decision followed a full strategic review. "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," he said.
Fabrice Turcq, head of healthcare and partner at Bridgepoint, said Obagi's professional channel positioning was central to the acquisition rationale. "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," he said. He also flagged Bridgepoint's existing position in injectables through its stake in Laboratoires Vivacy, where he said the firm saw opportunities for future partnership.
The sale leaves Milk Makeup as Waldencast's only operating brand. The colour cosmetics business, acquired by Waldencast in 2022, generated $110.4 million of net revenue and $15.2 million of adjusted EBITDA in 2025, and is positioned for further international rollout under president and co-founder Mazdack Rassi.
Recent developments include a US launch at Ulta Beauty and expansion across Europe, Asia and Latin America. The brand was ranked by Sephora as the second-largest clean beauty makeup brand in the US in 2025.
Lazard acted as exclusive financial advisor to Waldencast, with Skadden, Arps, Slate, Meagher and Flom as legal counsel.
