Makeup brand Milk Makeup and skincare company Obagi is merging with special purpose acquisition Waldencast Acquisition Corp. in a combined deal valued at roughly $1.2 billion.
Milk Makeup specializes in vegan products that are primarily sold at Sephora while Obagi’s products are focused on minimizing aging and sun damage to the skin. The combination of the two companies will attempt to build a next-generation company that values sustainability, responsibility, and inclusivity,” according to Waldencast’s co-founder Michel Brousset.
Waldencast went public in March of this year and has a total valuation of $400 million. Despite the company’s relatively low valuation, Mr. Brousset has stated that he has always envisioned investing in high-ranking beauty brands in an attempt to make them more sustainable.