Waldencast Acquisition Corp has serious ambitions to become a global beauty and wellness multi-brand platform. Founded by Michel Brousset and Hind Sebti, both long-term veterans of L’Oréal and Procter & Gamble in the US, the company has built up an impressive portfolio of sustainably-oriented brands.
Earlier this year, Waldencast acquired or invested in Kjaer Weis, the multi-award-winning organic makeup brand, Sallve, the first Brazilian DTC digitally native cosmetics brand, Manual Co, the UK-based men’s wellness platform, and Costa Brazil, the cult brand sold in Mecca in Australia.
The company’s stable also includes whind, a science-backed skincare brand inspired by Moroccan ingredients, c16 Biosciences, who developed a synthetic, sustainable alternative to palm oil, Revea, the premium skincare company, and Glaze, the natural hair colour brand.
To continue its strategy of building out conscious, purpose-driven brands, Waldencast has acquired Obagi, the advanced dermocosmetic skincare brand, and Milk Makeup, the US bullet performer sold in Sephora in Australia, in a deal worth US$1.2 billion.
The acquisitions target two ends of the age spectrum. Milk Makeup is a hot favourite with Gen Z consumers for its 300 vegan, cruelty-free and clean products. Obagi, founded more than 30 years ago by celebrity dermatologist Dr Zein Obagi, offers medical-grade skincare designed to diminish the signs of premature ageing, photo damage and hyper-pigmentation. The brand has built up a strong following in Australia and is sold through leading clinics, e-tailers and its own dedicated website – www.obagi.com.au
The buyout is expected to be finalised by mid-2022. Jaime Castle, CEO of Obagi, and Tim Coolican, CEO of Milk Makeup, will remain with the brands and work closely with Waldencast to accelerate growth.
Michel Brousset hailed the deal as a major milestone for Waldencast. “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.”