Waldencast Acquisition Corp., the SPAC founded in 2021 by former L’Oréal executives, sold its Obagi Medical brand to private equity firm Bridgepoint in July 2025 for up to $460 million, after valuing it at $858 million in the original $1.2 billion deal. Milk Makeup, now the company’s sole remaining brand, saw net revenue plummet 57.1% to $26.1 million in the first half of 2026, from $60.9 million a year earlier, with an adjusted EBITDA loss of $14.8 million. The company recorded a $52.3 million goodwill impairment on Milk and announced its delisting from Nasdaq to move to over-the-counter trading. Despite holding $138.6 million in cash after debt repayment, Waldencast is betting on cofounder Mazdack Rassi, now serving as president, to restore the brand’s relevance and has renamed itself Milk Makeup plc.
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