Waldencast plc has announced that it has entered into a definitive agreement to sell its Obagi Medical dermatological skincare and aesthetics business to mid-market investors Bridgepoint, in a transaction valued at up to $460 million.

Founded in 1988, Obagi Medical offers prescription and non-prescription skincare products through dermatologists and aesthetic practitioners across North America, Europe, Asia and the Middle East. The brand addresses premature ageing, photodamage, skin discolouration, acne and sun damage.

Waldencast acquired Obagi Medical in July 2022. In 2025, Obagi Medical acquired Novaestiq, leading to the Q1 2026 launch of the FDA-approved Obagi Saypha MagIQ dermal filler line.

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. Waldencast expects to appoint Felipe Dutra, current Chairman of the Board, as Executive Chairman to oversee the transition period.

Waldencast intends to repay its outstanding senior term loan facility and 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 regulatory approvals.

For more information, visit waldencast.com.