Waldencast Acquisition Corp. (NASDAQ: WALD) has completed its merger with fast-growing skin care brands Obagi Global Holdings Limited and Milk Makeup LLC. The newly-formed company will heretofore operate as Waldencast plc, which will commence trading Thursday under the same “WALD” ticker on Nasdaq.
Waldencast, whose name derives from Henry David Thoreau’s seminal book on self-reliance Walden, is a special purpose acquisition company that raised cash which was used to purchase Obagi Skincare and Milk Makeup.
“We are proud to announce that we have closed our business combination with Obagi Skincare and Milk Makeup,” said Michel Brousset, CEO of Waldencast. “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.”
Waldencast will focus on a brand-led business model that preserves the independence and ownership mindset of its brands and their employees. Waldencast will be led by Mr. Brousset and Founder and COO and Chief Growth Officer Hind Sebti while Obagi Skincare CEO Jaime Castle and Milk Makeup CEO Tim Coolican will continue to lead their respective brands.
JPMorgan Chase & Co. and Credit Suisse Group advised Waldencast on the transaction.
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