Waldencast Acquisition today filed a Form F-4 outlining its proposed business combinations with skin care brand Obagi and makeup and skin care brand Milk Makeup. The approximately $1.2 billion transaction is the foundation of Waldencast’s strategy to create a global multi-brand beauty and wellness platform.
Obagi is a physician-dispensed brand in the dermo-cosmetic space. Milk Makeup is a cult-favorite beauty brand among Gen-Z consumers.
As announced in November, the transaction will be funded by $345 million in the Waldencast trust (less any redemptions); a fully committed $333 million forward purchase agreement of which $160 million is provided by sponsors Waldencast Long-Term Capital and Dynamo Master Fund; a fully committed $105 million PIPE and $475 million of seller rollover equity. Obagi’s and Milk Makeup’s existing shareholders are expected to hold equity of 20.5% and 14.9% respectively (without giving effect to any redemptions), in the combined company. Read more.
