Special purpose acquisition corporation Waldencast Acquisition Corp.
said Monday it has entered agreements to acquire skin care brands Obagi and Milk Makeup, in a three-way deal with a pro forma enterprise value of about $1.2 billion, as a first step in creating a global beauty and wellness platform. Waldencast Founder and Chief Executive Michel Brousset, a former L’Oreal executive, will lead the combined business, along with co-Founder and COO Hind Sebti and CFO/CTO Tassilo Festetics. The combined company will have $345 million of cash from the SPAC and $333 million in Forward Purchase Agreements. It will also have $105 million from a private investment in public equity, or PIPE, and $475 million of sellers’ rollover equity. The deal is expected to close in the first half of 2022. The new company will trade on Nasdaq under the ticker “WALD.”