Waldencast, the London-based beauty and wellness platform, has agreed to sell its dermatological skincare business Obagi Medical to private equity firm Bridgepoint for up to $460 million. The Texas-based company operates through dermatologists and healthcare professionals across North America, Europe, Asia and the Middle East.

Waldencast acquired Obagi Medical in July 2022, and the skincare brand expanded its portfolio in 2025 through the acquisition of Novaestiq. This sale represents a significant shift in Waldencast's strategy as it exits its aesthetics business to focus on other areas of its beauty platform.

The transaction values Obagi Medical at a premium to its recent acquisitions and reflects Bridgepoint's confidence in the dermatological skincare market. Private equity firms have been increasingly targeting healthcare and wellness assets as consumer demand grows for professional-grade skincare products.

The deal marks Waldencast's exit from the skincare segment it entered just over three years ago, while giving Bridgepoint control of a brand with global distribution through medical channels.