Waldencast → Bridgepoint: Obagi Sold for Up to $460M; ~$178M Debt Repaid
Waldencast sells Obagi to Bridgepoint: up to $460M ($366M cash + $30M notes + up to $64M earnout); repays ~$178M term loans; close Q3 2026.
TL;DR — Waldencast agreed to sell Obagi Medical to private-equity firm Bridgepoint for up to $460 million, refocusing the beauty group on its Milk Makeup color-cosmetics business and repaying about $178 million in debt.
Waldencast announced the sale of Obagi Medical to Bridgepoint on June 1, 2026. The terms:
The deal
Waldencast agreed to sell Obagi Medical to private-equity firm Bridgepoint for an enterprise value of up to $460 million — $366 million cash at closing, $30 million in vendor notes, and up to $64 million in earnouts tied to 2026–2027 revenue. Waldencast will repay about $178 million of senior secured term loans and refocus on its Milk Makeup color-cosmetics business; the deal is expected to close in Q3 2026.
| Detail | |
|---|---|
| Buyer | Bridgepoint (PE) |
| Value | up to $460M ($366M cash + notes + earnout) |
| Debt repaid | ~$178M |
| Close | Q3 2026 |
What they said
"We are proud of the transformation and growth we delivered at both Milk Makeup and Obagi Medical." — Michel Brousset, Founder & CEO, Waldencast
Why it matters
- Focus over breadth. Waldencast becomes a pure-play color-cosmetics company.
- Deleveraging. The sale repays roughly $178 million in debt.
- Counter-trend. It’s simplification while peers like e.l.f. bolt on brands (e.g., Rhode).
FAQ
What is Waldencast selling, and for how much?
Waldencast agreed on June 1, 2026 to sell Obagi Medical to private-equity firm Bridgepoint for an enterprise value of up to $460 million — $366 million cash at close, $30 million in vendor notes, and up to $64 million in earnouts. It expects to close in Q3 2026.
Why is Waldencast selling Obagi?
To simplify into a pure-play color-cosmetics company centered on Milk Makeup and to deleverage, repaying about $178 million of senior secured term loans. It runs counter to rivals like e.l.f. that are adding brands.
Sources
- GlobeNewswire — Waldencast announces sale of Obagi Medical
- Beauty Independent — Obagi Medical sells to Bridgepoint for $460M
Image: Cosmetics — CC0, via Wikimedia Commons.
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