LONDON - Waldencast plc (NASDAQ:WALD) announced today it has entered into a definitive agreement to sell its Obagi Medical dermatological skincare business to Bridgepoint for a transaction valued at up to $460 million, according to a press release statement.
The purchase price consists of an enterprise value of up to $460 million, subject to customary purchase price adjustments for net financial indebtedness, net working capital variations, and certain other debt-like items and contingent future payments. The transaction has been unanimously approved by disinterested members of the Waldencast Board of Directors. The sale comes as Waldencast carries total debt of approximately $149 million and maintains a current ratio of 1.7, indicating liquid assets exceed short-term obligations.
Founded in 1988, Obagi Medical offers prescription and non-prescription skincare products distributed through dermatologists and aesthetic practitioners across North America, Europe, Asia and the Middle East. Waldencast acquired the business in July 2022. In the first quarter of 2026, Obagi Medical launched the FDA-approved Obagi Saypha MagIQ dermal filler line following its acquisition of Novaestiq in 2025. Despite impressive gross profit margins of 67% for the last twelve months, Waldencast reported revenue of $272 million with negative EBITDA of $5.78 million, reflecting ongoing profitability challenges.
At closing, Waldencast founders Michel Brousset and Hind Sebti, along with selected management team members, will transition from the company to lead Obagi Medical in partnership with Bridgepoint. Felipe Dutra, current Chairman of the Board, is expected to be appointed as Executive Chairman to oversee the transition period.
The company intends to repay all of its outstanding senior term loan facility upon closing, which amounts to approximately $178 million to Lumina Capital Management Ltda. Waldencast plans to continue investing in its remaining brand, Milk Makeup, under the leadership of President and Co-Founder Mazdack Rassi.
The transaction is expected to close within the third quarter of 2026, subject to customary closing conditions, including receipt of required regulatory approvals. The transaction is not subject to a financing condition or shareholder vote.Waldencast shares currently trade at $1.23 with a market capitalization of $157.76 million, down 54% over the past year. According to InvestingPro analysis, the stock appears undervalued based on Fair Value metrics and trades at a low price-to-book multiple of 0.34. Investors seeking deeper insights can access comprehensive analysis through InvestingPro, which offers 14 additional ProTips for WALD, along with detailed Pro Research Reports covering over 1,400 US equities. The platform also features the company on its Most Undervalued stocks list.
Lazard is serving as exclusive financial advisor to Waldencast, and Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal counsel.
In other recent news, Waldencast plc reported its financial results, revealing sales of $72 million. This figure fell short of Canaccord’s estimate of $76 million, indicating mixed performance across its brands. Following these results, Canaccord adjusted its price target for Waldencast stock from $4.00 to $2.00, although it maintained a Buy rating. In addition to these financial updates, Obagi Medical, a part of Waldencast, announced the launch of its NU-GEN Cellular Renewal Serum. Priced at $175, the serum features NAD+ and its precursors, NMN and Niacinamide. It is now available through professional channels and online platforms like Obagi.com and Amazon.com. These developments offer insights into Waldencast’s current market activities and strategic product launches.
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