Bridgepoint to acquire Obagi Medical

Bridgepoint, one of the world’s leading mid-market private equity investors, has agreed to acquire Obagi Medical, the dermatological skincare and aesthetics business of Waldencast plc, marking a significant milestone for one of the industry’s most established physician-dispensed skincare brands.

Founded in 1988, Obagi Medical has long been recognised as a pioneer in medical-grade skincare, building its reputation on science-led innovation and clinically proven formulations. The brand’s portfolio spans both prescription and non-prescription products designed to address some of the most common patient concerns, including premature ageing, photodamage, hyperpigmentation, acne and sun damage.

Today, Obagi operates across North America, Europe, Asia and the Middle East, working closely with dermatologists, aesthetic practitioners and healthcare professionals to deliver evidence-based skincare solutions.

Since joining Waldencast in 2022, Obagi has experienced significant growth and transformation. The company has expanded its direct-to-physician business, strengthened its digital presence and accelerated international expansion, resulting in substantial profitability growth.

A key development came in 2025 with the acquisition of Novaestiq, which enabled the launch of the FDA-approved Obagi Saypha® MagIQ™ dermal filler line in the first quarter of 2026. The addition of injectables represented a major strategic step for the brand, extending its offering beyond skincare and positioning Obagi as a comprehensive aesthetics platform serving both professionals and consumers.

The launch established Obagi as what the company describes as the world’s first beauty aesthetics “megabrand” – capable of providing integrated solutions across skincare and injectable aesthetics while significantly broadening its addressable market.

As part of the transaction, Waldencast founders Michel Brousset and Hind Sebti, alongside selected members of the management team, will transition from Waldencast to lead Obagi Medical in partnership with Bridgepoint.

Commenting on the deal, Brousset and Sebti said they remain committed to the next stage of Obagi’s growth and share Bridgepoint’s ambition to build “the number one dermatological mega-brand” serving physicians, patients and consumers globally.

Meanwhile, Felipe Dutra is expected to assume the role of Executive Chairman during the transition period. Following a strategic review, the Waldencast Board concluded that the transaction would strengthen the company’s balance sheet and allow greater focus on its remaining beauty brand, Milk Makeup.

For Bridgepoint, the acquisition further strengthens its presence within the rapidly growing dermatology and aesthetics sector.

Fabrice Turcq, Head of Healthcare and Partner at Bridgepoint, said: “Obagi Medical is a category-leading brand with a strong scientific heritage, deep physician relationships and a pioneering position in physician-dispensed skincare – one of the fastest growing segments of the dermatology and aesthetics market.

“The acquisition builds on Bridgepoint’s growing track record across the dermatology, aesthetics and skincare ecosystem, including its investment in Laboratoires Vivacy, where Bridgepoint sees opportunities for future partnership. We admire the work Michel and Hind have done to transform and accelerate the brand. Together, we aim to further strengthen Obagi Medical’s position as a global leader in physician-led skincare and aesthetics.”

The transaction also complements Bridgepoint’s existing healthcare portfolio, including its investment in Laboratoires Vivacy, creating potential opportunities for collaboration across the dermatology and aesthetics ecosystem.

Subject to regulatory approvals and customary closing conditions, the transaction is expected to complete during the third quarter of 2026.

For Obagi Medical, the move signals the beginning of a new chapter – one focused on expanding its global footprint, strengthening its position in physician-led skincare and aesthetics, and capitalising on growing demand for integrated treatment solutions that bridge skincare, injectables and long-term skin health.

With fresh investment, experienced leadership and an increasingly diversified portfolio, Obagi appears well positioned to further cement its status as one of the most influential brands in global medical aesthetics.