Waldencast to sell Obagi Medical to Bridgepoint in USD 460M deal
This move is a crucial step in Waldencast’s plan to strengthen its financial position and accelerate Milk Makeup’s worldwide expansion.
UK – Waldencast plc has signed a definitive agreement to sell its Obagi Medical dermatological skincare and aesthetics division to Bridgepoint, a top global mid-market investment firm, in a deal worth up to USD 460 million.
At deal closing, Waldencast co-founders Michel Brousset and Hind Sebti, together with key members of the management team, will move from Waldencast to head Obagi Medical in partnership with Bridgepoint.
Waldencast plans to immediately appoint current board chairman Felipe Dutra as executive chairman to manage the transition.
Brousset stated, “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.”
Founded in 1988, Obagi Medical is a leader in medical-grade skincare. Based on advanced research and skin biology, the brand offers a unique mix of prescription and non-prescription products that are scientifically developed and clinically validated to tackle key consumer concerns 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 healthcare professionals.
Since Waldencast acquired Obagi Medical in July 2022, the brand has gained strong momentum by growing its direct-to-physician business, building a dynamic online presence, and expanding internationally, driving significant profitability growth.
In 2025, Obagi Medical expanded by acquiring Novaestiq, which led to the Q1 2026 launch of the FDA-approved Obagi Saypha MagIQ dermal filler line.
This milestone made Obagi one of the world’s first beauty aesthetics “megabrands”, capable of delivering comprehensive, end-to-end solutions for professionals and consumers while significantly expanding its addressable market.
Alongside the transaction closing, Waldencast plans to repay all outstanding debt under its senior term loan facility and continue investing in its remaining brand, Milk Makeup, a leading colour cosmetics business under the leadership of President and Co-Founder Mazdack Rassi.
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