Business
Waldencast Announces $1.2 Billion Three-Way Business Combination with Obagi and Milk Makeup as a First Step in its Strategy to Create a Global Multi-Brand Beauty and Wellness Platform
Waldencast’s ambition is to build a global best-in-class beauty and wellness multi-brand platform by creating, acquiring and accelerating the next generation
About this update from Waldencast Plc
[{"type":"text","content":"\n\nWaldencast’s ambition is to build a global best-in-class beauty and wellness multi-brand platform by creating, acquiring and accelerating the next generation of high-growth, purpose-driven brands that can benefit from the platform’s strong product and brand development capabilities.\n\n\nObagi is an industry-leading, advanced skin care line positioned in the high-growth dermo-cosmetic category and recognized for its clinical excellence, innovation, and science-backed approach.\n\n\nMilk Makeup is a high-growth, cult-favorite beauty brand among Gen-Z consumers and a leader in clean beauty known for its strong community, cultural relevance, and iconic products.\n\n\nWaldencast Founder and CEO Michel Brousset will lead the combined business, alongside Waldencast Founder and COO Hind Sebti and CFO/CTO Tassilo Festetics. Felipe Dutra will serve as Executive Chairman of the Board. Both Obagi’s CEO, Jaime Castle and Milk Makeup’s CEO, Tim Coolican, will remain responsible for their respective businesses and report to Michel Brousset.\n\n\nThe transaction values Waldencast at approximately $1.2 billion and will be funded by $345 million of IPO cash proceeds; fully committed $333 million Forward Purchase Agreements (of which $160 million is provided by the Sponsor, Waldencast Long-Term Capital LLC, and Dynamo Master Fund, a member of the Sponsor); a fully committed $105 million PIPE priced at $10.00 per share, and $475 million of Sellers’ rollover equity.\n\n\n NEW YORK--(BUSINESS WIRE)--\nWaldencast Acquisition Corp., (NASDAQ: WALD), a special purpose acquisition company today announced it has entered into definitive simultaneous business combination agreements with leading science-based, results-driven skin care brand Obagi and award-winning makeup and skin care brand Milk Makeup. The approximately $1.2 billion three-way transaction is a first step in Waldencast’s strategy to create a global best-in-class multi-brand beauty and wellness platform.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211115005796/en/(Photo: Business Wire)\nObagi is a leading physician-dispensed brand in the dermo-cosmetic space, the highest-growth category in skin care. Obagi is ranked number one by US dermatologists and plastic surgeons and is recognized for its clinical excellence, industry-l...