Waldencast will be selling Obagi Global Holdings Limited (“Obagi Skincare”) to private equity firm Bridgepoint in a deal valued at up to $460 million, the company announced June 1, 2026.
The news comes after the global multi-brand beauty and wellness platform finalized its merger with Obagi Medical and Milk Makeup LLC (“Milk Makeup”) back in July 27, 2022.
Related: Milk Makeup Owner Waldencast Announces Merger, Becomes Publicly Listed Company
Going forward, attention will be redirected toward accelerating the growth of Milk Makeup. The move marks a strategic pivot for Waldencast, which was founded on the premise of assembling and scaling a portfolio of high-growth beauty and wellness brands.
The transaction underscores two powerful trends reshaping the industry: the increasing value of physician-led aesthetics brands and a renewed investor preference for focused, category-specific growth stories.
For Bridgepoint, the acquisition is a bet on the continued convergence of dermatology, aesthetics and professional skin care. Obagi has evolved well beyond its heritage as a physician-dispensed skin care brand, particularly following its acquisition of Novaestiq and the launch of the FDA-approved Saypha MagIQ dermal filler line. The expansion positioned Obagi to compete across both skin care and injectables, giving practitioners a broader suite of treatment and maintenance solutions under a single brand umbrella.
That positioning comes as demand for aesthetic procedures and post-procedure skin care continues to grow globally, creating opportunities for brands that can bridge clinical treatments and at-home regimens.
For Waldencast, the deal delivers immediate financial flexibility. The company plans to repay approximately $178 million in outstanding senior secured debt and sharpen its focus on Milk Makeup, a brand that continues to benefit from strong consumer demand for prestige color cosmetics and Gen Z-driven beauty trends.
The leadership transition is equally notable. Waldencast founders Michel Brousset and Hind Sebti will depart the company to lead Obagi alongside Bridgepoint, effectively taking one of Waldencast's most successful assets into its next phase of growth. Meanwhile, Board Chairman Felipe Dutra is expected to become Executive Chairman of Waldencast during the transition period.
The transaction also highlights the growing appetite among private equity firms for dermatology and aesthetics assets with strong physician relationships, recurring treatment ecosystems and international expansion potential. Bridgepoint already has experience in the category through its investment in Laboratoires Vivacy, suggesting future opportunities to create synergies across injectables, skin care and professional aesthetics.
If completed in the third quarter of 2026 as expected, the sale will leave Waldencast centered on a single brand strategy with Milk Makeup, while creating a standalone Obagi poised to pursue its ambition of becoming a global dermatological and aesthetics "megabrand."
