Waldencast Acquisition Corp., a special purpose acquisition company, leading physician-dispensed, results-driven skincare brand Obagi Skincare, and award-winning makeup and skincare brand Milk Makeup announced the completion of their business combination.
WHO: Founded by Michel Brousset and Hind Sebti, Waldencast's vision is to build a global best-in-class beauty and wellness operating platform by developing, acquiring, accelerating, and scaling the next generation of conscious, purpose-driven brands. Waldencast Acquisition Corp. entered into agreements regarding its business combination with Obagi Skincare and Milk Makeup as a first step in realizing its vision. Waldencast intends to seek brands with a direct connection to today's evolving consumers whose goals include pursuing social responsibility, inclusiveness, sustainability, and transparency. Its goal is to become the partner of choice for next-generation brands and consumers by leveraging the collective leadership and the industry-specific operating experience of its management team.
Waldencast's global operating company will enable brands, including Obagi Skincare and Milk Makeup, to benefit from the operational scale of a multi-brand platform with expertise in managing global beauty brands at scale, a balanced portfolio to mitigate category fluctuations with asset-light efficiency, and the market responsiveness and speed of entrepreneurial indie brands.
WHY: Waldencast's vision is to build a global best-in-class beauty and wellness operating platform by developing, acquiring, accelerating, and scaling the next generation of conscious, purpose-driven brands.
IN THEIR OWN WORDS: Michel Brousset, CEO of Waldencast, said, "We are proud to announce that we have closed our business combination with Obagi Skincare and Milk Makeup. This marks the first step in our mission to create a global best-in-class beauty and wellness company that embraces conscious, purpose-driven brands. By becoming part of the Waldencast platform, Obagi Skincare and Milk Makeup can capitalize on their hugely successful brands, gain access to capital and benefit from the Waldencast ecosystem to further accelerate growth, while preserving their entrepreneurial spirit, unique DNA and values."
Hind Sebti, Chief Growth Officer of Waldencast, added, "When Michel and I launched Waldencast, our passion and dream was to create a house of brands that helps evolve the beauty industry through a purpose-driven approach and philosophy and support brands aligned with our mission and values in their growth strategies. Our first step towards this goal starts with Obagi Skincare and Milk Makeup—beloved, purpose-driven, high-growth brands, anchored in some of the fastest-growing beauty categories. I could not be more excited to partner with both fantastic brands as they grow."
Felipe Dutra, Executive Chairman of the Board of Directors of Waldencast, said of the business combination, "The Board and I are excited to complete the business combination and for the future of the company. The Waldencast platform is built to support and accelerate brands like Obagi Skin Care and Milk Makeup and help them reach their full potential. The Waldencast, Obagi, and Milk leadership teams combine years of industry specific operational experience with a passion for beauty and the proven ability to navigate a dynamic business environment."
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