Blackstone Tactical Opportunities has agreed to sell ZO Skin Health to Swiss dermatology company Galderma for an enterprise value of $1.5 billion. Galderma will acquire 100 percent of the company from its shareholders, which include Blackstone and the Obagi family.
ZO Skin Health was founded more than two decades ago by dermatologist Zein Obagi and is headquartered in Irvine, California. Its range of more than 40 products is manufactured in the US and sold through more than 16,500 physician, medical spa and online accounts in over 40 countries. The company recorded net sales of about $330 million in the 12 months to June 2026.
Blackstone senior managing director Shary Moalemzadeh said the firm backed the business during "an important period of growth when the company more than doubled its revenue."
ZO Skin Health will join Galderma's dermatological skincare portfolio, which includes the Cetaphil and Alastin brands. ZO's daily regimens, built around retinol- and acid-based protocols, complement Alastin's peptide-based products used before and after procedures. Galderma plans to increase commercial investment in ZO during its first year of ownership to set up renewed growth from the second year after closing. The all-cash deal will be funded through existing cash reserves and bank financing. It is expected to close in the fourth quarter of 2026 or early 2027, subject to regulatory approvals.
Source: PE Hub · Summarized by HeadlinesBriefing