Waldencast Acquisition Corp. is a multi-brand beauty and personal care company formed by beauty investment firm Waldencast Ventures and former Anheuser-Busch executive Felipe Dutra has gone public with a $300 million IPO, which includes an additional investment of up to $333 million in forward purchase agreements.

WHO: Waldencast Acquisition is a blank check company formed by Waldencast Ventures and the former CFO of Anheuser-Busch InBev. The Company is incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While it may pursue an initial business combination target in any industry or geographic location, the Company intends to focus its search for a target business operating in the beauty, personal care and wellness sectors.

IN THEIR OWN WORDS: As stated in Waldencast Acquisition Corp.’s S-1 IPO registration, the newly incorporated blank check company’s vision is “to build a global best-in-class beauty and wellness operating platform that will rival current incumbents by creating, nurturing, and scaling the next generation of conscious, purpose-driven brands. We intend to seek brands with a direct connection to today’s evolving consumers whose goals include pursuing social responsibility, inclusiveness, sustainability and transparency.”

DETAILS:

• Waldencast Acquisition Corp. closed its upsized initial public raising over $300 million, the IPO includes an additional investment of up to $333 million in forward purchase agreements, bringing the total proceeds of the transaction to around $633 million.
• Waldencast Acquisition Corp. closed its upsized initial public offering of 34,500,000 units at a price of $10.00 per unit, including 4,500,000 units issued pursuant to the exercise by the underwriters of their over-allotment option in full.
• Waldencast Ventures founder Michel Brousset (former Group President of L’Oréal) will serve as CEO of Waldencast Acquisition Corporation, Felipe Dutra (former CFO at Anheuser-Busch InBev) as Executive Chairman and Hind Sebti (former General Manager of L’Oréal) as COO.
• The Board of Directors consists of Cristiano Souza, Senior Partner at Dynamo Capital, Lindsay Pattison, Chief Client Officer of WPP, Sarah Brown, Founder and Chair of Theirworld, a children’s charity, Juliette Hickman, Former investment analyst and investor for Capital World Investors and an independent director for Montanya Distillers and Keurig Dr Pepper and Zack Werner, Founder of The Maze Group.
• Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC acted as joint book-running managers for the offering.
• Waldencast Ventures’ will remain a separate entity for now. Its portfolio includes C16 Biosciences, precision skincare brand Revea, clean color Kjaer Weis, Brazilian direct-to-consumer beauty company Sallve, mens brand Manual.co and soon-to-be-launched luxury skincare range Whind. The groupl recently divested of clean beauty brand Costa Brazil to Amyris.