The sale removes significant debt overhang and positions Waldencast as a pure-play Milk Makeup business. Monitor Q3 2026 closing and any purchase price adjustments. The remaining Milk Makeup business ($110.4M revenue, $15.2M EBITDA) now trades at a de-levered valuation — compare to beauty peers.
Price Chart
Executive Summary
Waldencast has agreed to sell its Obagi Medical business to Bridgepoint for up to $460 million enterprise value, with proceeds intended to repay its ~$178 million senior secured term loan and focus on Milk Makeup. The sale represents a significant deleveraging event and strategic pivot, though the final net cash to Waldencast is subject to customary adjustments and contingent payments.
Key Financial Metrics
Key Facts
- Bridgepoint to acquire 100% of Obagi Medical for enterprise value up to $460 million, subject to purchase price adjustments and contingent future payments.
- Waldencast expects to repay its ~$178 million senior secured term loan upon closing.
- Transaction unanimously approved by disinterested Waldencast Board; not subject to financing condition or shareholder vote.
- Closing expected in Q3 2026, subject to regulatory approvals.
- Waldencast founders Michel Brousset and Hind Sebti will transition to lead Obagi Medical under Bridgepoint; Felipe Dutra to become Executive Chairman.
- Milk Makeup generated $110.4M net revenue and $15.2M Adjusted EBITDA in 2025.
- Obagi Medical's 2025 financials not disclosed in the release.
Financial Impact
Up to $460M enterprise value for Obagi Medical; net proceeds after repaying ~$178M term loan and adjustments will be retained by Waldencast for Milk Makeup investment.
Risk Factors
- Purchase price subject to net debt, working capital, and contingent payment adjustments — final cash proceeds could be materially lower than headline $460M.
- Regulatory approvals may delay or block closing.
- Milk Makeup's standalone growth trajectory and profitability are unproven at scale without Obagi's cash flow.
- Founder transition could create execution risk at both entities.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3304174 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | Press Release | $0.7500 | awaiting T+5 | — | — |
Oct 15, 2026 11d ago | 6-K | $0.7500 | awaiting T+5 | — | — |
Oct 15, 2026 11d ago | 15-12G | $0.7500 | awaiting T+5 | — | — |
Oct 14, 2026 13d ago | EFFECT | $0.8100 | awaiting T+5 | — | — |
Oct 14, 2026 13d ago | EFFECT | $0.8100 | awaiting T+5 | — | — |
Oct 14, 2026 13d ago | EFFECT | $0.8100 | awaiting T+5 | — | — |
Sep 28, 2026 28d ago | Press Release | $0.9277 $0.8794 | ▲ +5.21% | ▲ +7.15% | — |
Sep 24, 2026 4w ago | 6-K | $1.03 $0.8794 | ▲ +14.62% | ▲ +14.40% | — |
Sep 24, 2026 4w ago | Press Release | $1.03 $0.8794 | ▲ +14.62% | ▲ +14.40% | — |
Sep 14, 2026 6w ago | Press Release | $1.18 $1.10 | ▲ +6.78% | ▲ +6.89% | — |
US Market Status
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