LSEG-listed Bridgepoint, a leading mid-market investor, has agreed to acquire Obagi Medical, the dermatological skincare and aesthetics business of Nasdaq-listed Waldencast, in a transaction valued at up to US$460m.
“Obagi Medical is a category-leading brand . . . in physician-dispensed skincare – one of the fastest growing segments of the dermatology and aesthetics market,” said Fabrice Turcq, head of healthcare and partner at Bridgepoint.
Founded in 1988, Obagi Medical is a pioneer in medical-grade skincare. Its product range includes both prescription and non-prescription items addressing premature aging, photodamage, skin discoloration, acne, and sun damage. It operates globally across North America, Europe, Asia, and the Middle East, serving dermatologists and aesthetic professionals.
Since Waldencast’s acquisition in July 2022, Obagi has expanded its direct-to-physician business and online presence, driving profitability. It expanded its portfolio in 2025 with the acquisition of Novaestiq, positioning Obagi as a beauty aesthetics megabrand.
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.
Alongside the acquisition, Obagi and Bridgepoint portfolio company Laboratoires Vivacy intend to establish a strategic commercial partnership that will bring complementary expertise across professional skincare, injectables and regenerative medicine, creating opportunities to support practitioners with more integrated approaches to skin health and rejuvenation.
“We will focus on the next chapter for Obagi Medical alongside Bridgepoint . . . to build the number one dermatological mega-brand uniquely positioned to serve the beauty and wellness needs of physicians, patients, and consumers worldwide,” said Waldencast founder and CEO, Brousset, and Sebti, founder and chief growth officer.
Waldencast expects to appoint Felipe Dutra, current chairman, as executive chairman to oversee the transition period. Following the close, Waldencast intends to repay its approximately US$178m of senior secured term loan to Lumina Capital Management and continue to invest in its remaining brand, Milk Makeup, under the leadership of president and co-founder Mazdack Rassi.
“Following a comprehensive strategic review, the board believes this transaction represents the best path forward for Waldencast and its shareholders,” said Dutra. “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.”
Jefferies served as exclusive financial advisor to Bridgepoint and Latham & Watkins acted as legal counsel.
Lazard is exclusive financial advisor to Waldencast, and Skadden, Arps, Slate, Meagher & Flom is legal counsel.
In addition to Turcq, the Bridgepoint team included Vincent Gael BAUDET, Pierre Chaboussant, Gabor Pelczer, Léna Cerceau, Florence Ajdenbaum, Yuri Pizzasegola, and Dominic Gallello.
Press release: https://www.bridgepointgroup.com/about-us/news-and-insights/press-releases/2026/bridgepoint-agrees-to-acquire-obagi-medical
