Waldencast plc, (NASDAQ: WALD) (“Waldencast”), a global multi-brand
beauty and wellness platform, today became a publicly listed
company set to begin trading on the Nasdaq with its Class A common
stock and public warrants listed under the ticker symbols “WALD”
and “WALDW”, respectively.
Waldencast Acquisition Corp. completed the previously announced
merger with Obagi Global Holdings Limited (“Obagi Skincare”) and
Milk Makeup LLC (“Milk Makeup”) on July 27, 2022. The combined
company will now operate as Waldencast plc.
Waldencast plc, Obagi Skincare, and Milk Makeup will be ringing
the opening bell at the Nasdaq this morning, July 28th, to
celebrate the company's public listing. A live stream of the event
can be viewed by visiting:
https://www.nasdaq.com/marketsite/bell-ringing-ceremony.
Michel Brousset, CEO of Waldencast, said,
“Today, Waldencast begins its journey as a global multi-brand
beauty and wellness platform, empowering and supporting
purpose-driven brands in their growth strategies, beginning with
Obagi Skincare and Milk Makeup. This is an incredibly proud moment
for all of us at Waldencast, Obagi Skincare and Milk Makeup, and I
want to thank Hind, Jaime, and Tim, the Board of Directors of all
three companies, our investors, and all of our colleagues and
advisors for their hard work and commitment. I am inspired by, and
share, their passion for what is truly a beautiful business and
look forward to all that we will achieve together.”
Jaime Castle, CEO of Obagi
Skincare, added, “Obagi Skincare is an
industry-leading brand in the physician dispensed space with the
ambition to become the top professionally recommended skincare
brand in the world. Within the Waldencast platform, we’re gaining a
culturally aligned partner who brings the operational expertise and
resources to help us achieve our goals while remaining true to our
values and mission.”
Tim Coolican, CEO of Milk
Makeup, said of the business
combination, “Our mission at Milk Makeup is to create
unique, high performance, clean and cruelty-free products that help
our global community to Live their Look. We found in
Waldencast a partner who shares our mission and our values of
self-expression and inclusion. We are very excited to join the
public markets, which we believe will allow us to accelerate our
reach and impact and realize our ambition of becoming the number
one beauty brand for the next generation.
Mazdack Rassi, Milk Makeup co-founder and Chief Brand
Officer, added, “We built Milk Makeup to be a movement as
much as a business, and Waldencast is the perfect home for Milk
Makeup to achieve its full potential. I am so grateful to our team
and our community and look forward to a great future together.”
Waldencast’s vision is fundamentally underpinned by its
brand-led business model that ensures proximity to its customers,
business agility, and market responsiveness, while maintaining each
brand’s distinct DNA. This approach allows Waldencast to preserve
the independence and entrepreneurial spirit of its brands as well
as the ownership mindset of the brand teams. Waldencast’s global
operating platform will enable brands, including Obagi Skincare and
Milk Makeup, to benefit from the operational scale of a multi-brand
platform with expertise in managing global beauty brands at scale,
a balanced portfolio to mitigate category fluctuations with asset
light efficiency and the market responsiveness and speed of
entrepreneurial indie brands.
Waldencast’s leadership team spans decades of experience drawn
from the beauty and consumer industries. Its Board of Directors,
which represents diverse and complementary expertise, consists
of:
- Felipe Dutra, Executive Chairman
- Michel Brousset, Chief Executive Officer and Director
- Sarah Brown, Director
- Aaron Chatterley, Director
- Simon Dai, Director
- Juliette Hickman, Director
- Lindsay Pattison, Director
- Cristiano Souza, Director
- Zack Werner, Director
About Obagi Skincare
Obagi Skincare is an industry-leading, advanced skin care line
rooted in research and skin biology, refined with a legacy of 30
years’ experience. First known as leaders in the treatment of
hyperpigmentation with the Obagi Nu-Derm® System, Obagi Skincare
products are designed to diminish the appearance of premature
aging, photodamage, skin discoloration, acne, and sun damage. More
information about Obagi Skincare is available on the brand’s
website, Facebook, Twitter and Instagram pages.
About Milk Makeup
Founded in 2016 by Mazdack Rassi, Dianna Ruth, Georgie Greville,
and Zanna Roberts Rassi, and with funding from Main Post Partners
and ACG Partners, Milk Makeup quickly became a cult-favorite among
the beauty community for its values of self-expression and
inclusion, captured by its signature Live Your Look, its innovative
formulas and clean ingredients. The brand creates vegan,
cruelty-free, clean formulas from its Milk Makeup HQ in Downtown
NYC. Currently, Milk Makeup offers over 300 products through its US
website www.MilkMakeup.com, and its retail partners including
Sephora in North America, Europe, the Middle East and Australia and
Cult Beauty and Selfridges in the UK.
About Waldencast
Founded by Michel Brousset and Hind Sebti, Waldencast’s vision
is to build a global best-in-class beauty and wellness operating
platform by developing, acquiring, accelerating, and scaling the
next generation of conscious, purpose-driven brands.
Waldencast Acquisition Corp. entered into agreements regarding its
business combination with Obagi Skincare and Milk Makeup as a first
step in realizing its vision. Waldencast intends to seek brands
with a direct connection to today’s evolving consumers whose goals
include pursuing social responsibility, inclusiveness,
sustainability, and transparency. Its goal is to become the partner
of choice for next-generation brands and consumers by leveraging
the collective leadership and the industry-specific operating
experience of its management team.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of the federal securities laws, including with
respect to the transactions among Obagi Skincare, Milk Makeup and
Waldencast, including statements regarding the intended benefits of
the transactions and the growth strategies of Waldencast, Obagi
Skincare and Milk Makeup. These forward-looking statements
generally are identified by the words “estimates,” “projects,”
“expects,” “anticipates,” “forecasts,” “plans,” “intends,”
“believes,” “seeks,” “may,” “will,” “would,” “should,” “future,”
“propose,” “target,” “goal,” “objective,” “outlook” and variations
of these words or similar expressions (or the negative versions of
such words or expressions) are intended to identify forward-looking
statements. These forward-looking statements are not guarantees of
future performance, conditions or results, and involve a number of
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are outside the control of
Waldencast, Obagi Skincare, and Milk Makeup, that could cause
actual results or outcomes to differ materially from those
discussed in the forward-looking statements. Important factors,
among others, that may affect actual results or outcomes include,
but are not limited to: (i) the inability to recognize the
anticipated benefits of the transactions, (ii) the failure to
receive certain governmental and regulatory approvals, (iii)
changes in general economic conditions, including as a result of
the COVID-19 pandemic, (iv) the outcome of litigation related to or
arising out of the transactions, or any adverse developments
therein or delays or costs resulting therefrom, (v) the ability to
continue to meet Nasdaq’s listing standards (vi) costs related to
the transactions, (vii) that the price of Waldencast’s securities
may be volatile due to a variety of factors, including
Waldencast’s, Obagi Skincare’s or Milk Makeup’s inability to
implement their business plans or meet or exceed their financial
projections and changes in the combined capital structure, (viii)
the ability to implement business plans, forecasts, and other
expectations after the completion of the transactions, and identify
and realize additional opportunities and (ix) the ability of Obagi
Skincare and Milk Makeup to implement their strategic initiatives
and continue to innovate their existing products and anticipate and
respond to market trends and changes in consumer preferences. The
foregoing list of factors is not exhaustive. You should carefully
consider the foregoing factors and the other risks and
uncertainties described in the “Risk Factors” section of
Waldencast’s definitive proxy statement/prospectus filed by
Waldencast with the SEC on July 7, 2022 and other documents filed
or that may be filed by Waldencast from time to time with the SEC.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Obagi Skincare, Milk Makeup and Waldencast assume
no obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Neither Waldencast, Obagi Skincare, or
Milk Makeup gives any assurance that Waldencast, Obagi Skincare or
Milk Makeup will achieve their expectations.
Contacts
InvestorsICR Allison
Malkinwaldencastir@icrinc.com
MediaICRBrittany
Fraser Waldencast@icrinc.com
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