WALD Waldencast plc
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
Actionable Insight
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.
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
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3304174 |
Track record builds as more directional reports settle.
Filters
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Jun 1, 2026
5d ago
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Press Release
| $1.83 $1.85 | ▲ +1.09% | ▲ +0.95% | $1.72 (−6.01%) |
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May 15, 2026
22d ago
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Press Release
| $1.47 $1.56 | ▲ +6.12% | ▲ +6.18% | $1.72 (+17.01%) |
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May 14, 2026
23d ago
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Press Release
| $1.63 $1.47 | ▼ −9.82% | ▼ −8.59% | $1.72 (+5.52%) |
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Apr 28, 2026
5w ago
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Press Release
| $0.7630 $0.7630 | · 0.00% | ▼ −1.02% | $1.72 (+125.43%) |
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Mar 19, 2026
11w ago
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Press Release
| $1.33 $1.19 | ▼ −10.90% | ▼ −9.16% | $1.72 (+29.32%) |
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Mar 13, 2026
12w ago
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Press Release
| $1.58 $1.57 | ▲ +0.63% | ▲ +1.66% | $1.72 (−8.86%) |
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Mar 11, 2026
12w ago
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Press Release
| $1.46 $1.58 | ▲ +8.22% | ▲ +8.82% | $1.72 (+17.81%) |
US Market Status
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