Bridgepoint, one of the world’s leading mid-market investors, today announces it has agreed to acquire Obagi Medical, the dermatological skincare and aesthetics business of Waldencast plc.
Founded in 1988, Obagi Medical is a pioneer in medical-grade skincare. Rooted in advanced research and skin biology, the brand offers a distinctive portfolio of both prescription and non-prescription products that are scientifically formulated and clinically proven to address the primary concerns of consumers in the professional channel – including premature aging, photodamage, skin discoloration, acne, and sun damage. The brand operates across North America, Europe, Asia and the Middle East through dermatologists, aesthetic practitioners and other healthcare professionals.
Since its acquisition by Waldencast in July 2022, Obagi Medical has built strong momentum by expanding its direct-to-physician business, establishing a highly dynamic online presence, and growing internationally – driving a significant expansion in profitability. In 2025, Obagi Medical further expanded its portfolio through the acquisition of Novaestiq, which led to the Q1 2026 launch of the FDA-approved Obagi Saypha® MagIQ™ dermal filler line. This milestone established Obagi as the world's first beauty aesthetics “megabrand” – one capable of delivering comprehensive, end-to-end solutions for both professionals and consumers, and significantly expanding the brand's addressable market.
At closing, Waldencast founders Michel Brousset and Hind Sebti, along with selected members of the management team, 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, effective immediately.
Michel Brousset, founder and CEO of Waldencast, and Hind Sebti, Founder and Chief Growth Officer of Waldencast, said: “We founded Waldencast with a clear vision — to build a best-in-class beauty and wellness platform that creates and scales high-growth, purpose-driven brands. We are proud of the transformation and growth we delivered at both Milk Makeup and Obagi Medical. We will focus on the next chapter for Obagi Medical alongside Bridgepoint, a partner that shares our long-term ambition for the brand: to build the number one dermatological mega-brand uniquely positioned to serve the beauty and wellness needs of physicians, patients, and consumers worldwide.”
Felipe Dutra, Chair of the Waldencast Board, said: “Following a comprehensive strategic review, the Board believes this transaction represents the best path forward for Waldencast and its shareholders. The sale meaningfully strengthens the Company’s balance sheet and enables a sharper strategic focus on Milk Makeup, a brand with significant global growth potential. I would like to thank Michel, Hind and the broader Obagi Medical team for their leadership and contributions to the business and I am looking forward to a close collaboration with Rassi and the Milk Makeup team.”
Fabrice Turcq, Head of Healthcare and Partner at Bridgepoint, said: “Obagi Medical is a category-leading brand with a strong scientific heritage, deep physician relationships and a pioneering position in physician-dispensed skincare – one of the fastest growing segments of the dermatology and aesthetics market. The acquisition builds on Bridgepoint's growing track record across the dermatology, aesthetics and skincare ecosystem, including its investment in Laboratoires Vivacy, where Bridgepoint sees opportunities for future partnership. We admire the work Michel and Hind have done to transform and accelerate the brand. Together, we aim to further strengthen Obagi Medical’s position as a global leader in physician-led skincare and aesthetics.”
The transaction, which has been unanimously approved by disinterested members of the Waldencast Board of Directors, is expected to close within the third quarter of 2026, subject to customary closing conditions, including receipt of required regulatory approvals.
Jefferies LLC served as exclusive financial advisor to Bridgepoint and Latham & Watkins LLP acted as legal counsel to Bridgepoint.
