THE WHAT? Special-purpose acquisition company Waldencast has acquired skin care brand Obagi and make-up and skin care company Milk Makeup in a three-way deal valued at US$1.2 billion.
THE DETAILS Waldencast will be led by Founder and CEO and former L’Oréal exec, Michel Brousset, while Co-founder Hind Sebti, who has worked at L’Oréal and Procter & Gamble, will take on the position of Chief Operating Officer.
THE WHY? The three-way transaction is the first step in Waldencast’s strategy to create a global best-in-class multi-brand beauty and wellness platform.
Speaking about the acquisition, Michel Brousset, Waldencast Founder and CEO, said: “Partnering with Obagi and Milk Makeup is a major milestone in our ambition to build a best-in-class global multi-brand beauty platform, which will be home for the next generation of high-growth, purpose-driven brands. I greatly admire Obagi and Milk Makeup, both leaders in their respective categories, and I am looking forward to working with Jaime and Tim to further accelerate the growth of their respective brands, while preserving each brand’s unique business model. We believe the brands will benefit strongly from the Waldencast ecosystem, bringing operational scale, and attracting best-in-class talent and capabilities.”