Obagi Skincare, Milk Make-up and Waldencast Announce Closing

  • The mixed firm, Waldencast plc, is anticipated to start buying and selling on Nasdaq underneath the ticker image “WALD” beginning on July 28, 2022
  • Waldencast will likely be led by Founder and CEO Michel Brousset and Founder, COO and Chief Development Officer Hind Sebti; Obagi Skincare CEO Jaime Fort and Milk Make-up CEO Tim Coolican will proceed to steer their respective manufacturers. Felipe Dutra will function Govt Chairman of the Board of the Administrators

NEW YORK, July 27, 2022 (GLOBE NEWSWIRE) — Waldencast Acquisition Corp., (NASDAQ: WALD), a particular objective acquisition firm, main physician-dispensed, results-driven skincare model Obagi World Holdings Restricted (“Obagi Skincare”) and award-winning make-up and skincare model Milk Make-up LLC (“Milk Make-up”), in the present day introduced the completion of their enterprise mixture. The mixed firm will now function as Waldencast plc (“Waldencast”) and is anticipated to start buying and selling on the Nasdaq underneath the image “WALD” beginning on July 28, 2022.

Michel Brousset, CEO of Waldencast, mentioned, “We’re proud to announce that we’ve closed our enterprise mixture with Obagi Skincare and Milk Make-up. This marks step one in our mission to create a world best-in-class magnificence and wellness firm that embraces acutely aware, purpose-driven manufacturers. By turning into a part of the Waldencast platform, Obagi Skincare and Milk Make-up can capitalize on their vastly profitable manufacturers, acquire entry to capital and profit from the Waldencast ecosystem to additional speed up development, whereas preserving their entrepreneurial spirit, distinctive DNA and values.”

Hind Sebti, Chief Development Officer of Waldencast, added, “When Michel and I launched Waldencast, our ardour and dream was to create a home of manufacturers that helps evolve the wonder {industry} by way of a purpose-driven method and philosophy and assist manufacturers aligned with our mission and values of their development methods. Our first step in direction of this objective begins with Obagi Skincare and Milk Make-up – beloved, purpose-driven, high-growth manufacturers, anchored in a number of the fastest-growing magnificence classes. I couldn’t be extra excited to associate with each unbelievable manufacturers as they develop.”

Felipe Dutra, Govt Chairman of the Board of Administrators of Waldencast, mentioned of the enterprise mixture, “The Board and I are excited to finish the enterprise mixture and for the way forward for the corporate. The Waldencast platform is constructed to assist and speed up manufacturers like Obagi Pores and skin Care and Milk Make-up and assist them attain their full potential. The Waldencast, Obagi, and Milk management groups mix years of {industry} particular operational expertise with a ardour for magnificence and the confirmed capacity to navigate a dynamic enterprise setting.”

Waldencast’s imaginative and prescient is basically underpinned by its brand-led enterprise mannequin that ensures proximity to its prospects, enterprise agility and market responsiveness, whereas sustaining every model’s distinct DNA. This method permits Waldencast to protect the independence and entrepreneurial spirit of its manufacturers in addition to the possession mindset of the model groups. Waldencast’s international working firm will allow manufacturers, together with Obagi Skincare and Milk Make-up, to profit from the operational scale of a multi-brand platform with experience in managing international magnificence manufacturers at scale, a balanced portfolio to mitigate class fluctuations with asset gentle effectivity and the market responsiveness and pace of entrepreneurial indie manufacturers.

Advisors

J.P. Morgan Securities LLC acted as capital markets advisor and lead monetary advisor, and Credit score Suisse acted as capital markets advisor and monetary advisor to Waldencast. Skadden, Arps, Slate, Meagher & Flom LLP acted as authorized advisor to Waldencast. Lazard was monetary advisor to Obagi, and Financo Raymond James was monetary advisor to Milk Make-up. Latham & Watkins served as authorized counsel to Obagi, and Goodwin Procter served as authorized counsel to Milk Make-up.

About Obagi Skincare

Obagi Skincare is an industry-leading, superior skincare line rooted in analysis and pores and skin biology, refined with a legacy of 30 years’ expertise. First generally known as leaders within the remedy of hyperpigmentation with the Obagi Nu-Derm® System, Obagi Skincare merchandise are designed to decrease the looks of untimely ageing, photodamage, pores and skin discoloration, zits, and solar injury. Extra details about Obagi Skincare is on the market on the model’s web site, Fb, Twitter and Instagram pages.

About Milk Make-up

Based in 2016 by Mazdack Rassi, Dianna Ruth, Georgie Greville, and Zanna Roberts Rassi, and with funding from Most important Submit Companions and ACG Companions, Milk Make-up shortly turned a cult-favorite among the many magnificence neighborhood for its values of self-expression and inclusion, captured by its signature Reside Your Look, its modern formulation and clear elements. The model creates vegan, cruelty-free, clear formulation from its Milk Make-up HQ in Downtown NYC. At the moment, Milk Make-up provides over 300 merchandise by way of its US web site www.MilkMakeup.com, and its retail companions together with Sephora in North America, Europe, the Center East and Australia and Cult Magnificence and Selfridges within the UK.

About Waldencast

Based by Michel Brousset and Hind Sebti, Waldencast’s imaginative and prescient is to construct a world best-in-class magnificence and wellness working platform by creating, buying, accelerating, and scaling the subsequent era of acutely aware, purpose-driven manufacturers.  Waldencast Acquisition Corp. entered into agreements relating to its enterprise mixture with Obagi Skincare and Milk Make-up as a primary step in realizing its imaginative and prescient. Waldencast intends to hunt manufacturers with a direct connection to in the present day’s evolving shoppers whose targets embody pursuing social accountability, inclusiveness, sustainability, and transparency. Its objective is to develop into the associate of alternative for next-generation manufacturers and shoppers by leveraging the collective management and the industry-specific working expertise of its administration crew. 

Ahead-Trying Statements

This press launch incorporates sure forward-looking statements inside the that means of the federal securities legal guidelines, together with with respect to the transactions amongst Obagi Skincare, Milk Make-up and Waldencast, together with statements relating to the meant advantages of the transactions and the expansion methods of Waldencast, Obagi Skincare and Milk Make-up. These forward-looking statements typically are recognized by the phrases “estimates,” “tasks,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “might,” “will,” “would,” “ought to,” “future,” “suggest,” “goal,” “objective,” “goal,” “outlook” and variations of those phrases or comparable expressions (or the unfavourable variations of such phrases or expressions) are meant to establish forward-looking statements. These forward-looking statements aren’t ensures of future efficiency, situations or outcomes, and contain quite a few recognized and unknown dangers, uncertainties, assumptions and different vital components, lots of that are outdoors the management of Waldencast, Obagi Skincare, and Milk Make-up, that might trigger precise outcomes or outcomes to vary materially from these mentioned within the forward-looking statements. Essential components, amongst others, which will have an effect on precise outcomes or outcomes embody, however aren’t restricted to: (i) the lack to acknowledge the anticipated advantages of the transactions, (ii) the failure to obtain sure governmental and regulatory approvals, (iii) modifications basically financial situations, together with because of the COVID-19 pandemic, (iv) the result of litigation associated to or arising out of the transactions, or any opposed developments therein or delays or prices ensuing therefrom, (v) the flexibility to proceed to satisfy Nasdaq’s itemizing requirements (vi) prices associated to the transactions, (vii) that the worth of Waldencast’s securities could also be risky as a result of a wide range of components, together with Waldencast’s, Obagi Skincare’s or Milk Make-up’s incapability to implement their enterprise plans or meet or exceed their monetary projections and modifications within the mixed capital construction, (viii) the flexibility to implement enterprise plans, forecasts, and different expectations after the completion of the transactions, and establish and understand further alternatives and (ix) the flexibility of Obagi Skincare and Milk Make-up to implement their strategic initiatives and proceed to innovate their current merchandise and anticipate and reply to market tendencies and modifications in shopper preferences. The foregoing checklist of things will not be exhaustive. It is best to fastidiously take into account the foregoing components and the opposite dangers and uncertainties described within the “Threat Elements” part of Waldencast’s definitive proxy assertion/prospectus filed by Waldencast with the SEC on July 7, 2022 and different paperwork filed or which may be filed by Waldencast on occasion with the SEC. These filings establish and tackle different vital dangers and uncertainties that might trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Ahead-looking statements communicate solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and Obagi Skincare, Milk Make-up and Waldencast assume no obligation and don’t intend to replace or revise these forward-looking statements, whether or not because of new info, future occasions, or in any other case. Neither Waldencast, Obagi Skincare, or Milk Make-up provides any assurance that Waldencast, Obagi Skincare or Milk Make-up will obtain their expectations.

Contacts

Buyers
ICR
Allison Malkin
[email protected]

Media
ICR
Brittany Fraser
[email protected]

https://www.globenewswire.com/news-release/2022/07/27/2487284/0/en/Obagi-Skincare-Milk-Make-up-and-Waldencast-Announce-Closing-of-Enterprise-Mixture-Advancing-its-Mission-to-Create-a-World-Finest-in-Class-Multi-Model-Magnificence-and-Wellness-Platform.html