This week Waldencast, a special purpose acquisition company founded by Michel Brousset and CEW Board member Hind Sebti, announced that its shareholders voted to approve the business combination with leading physician-dispensed, results-driven skin care brand Obagi Skincare and award-winning makeup and skin care brand Milk Makeup. Upon the closing of the transactions with Obagi Skincare and Milk Makeup, both companies will become part of the Waldencast portfolio, and the combined company, Waldencast plc, will be listed on Nasdaq under the symbol “WALD”. This three-way transaction with Obagi Skincare and Milk Makeup is a first step in Waldencast’s strategy to create a global best-in-class multi-brand beauty and wellness platform.
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 and CEW Board member 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.”