Waldencast plc (NASDAQ: WALD) has completed the sale of its Obagi Medical dermatological skincare and aesthetics business to Bridgepoint in a transaction valued at up to $460 million, subject to adjustments based on closing cash, indebtedness, net working capital, and transaction expenses.

In connection with the closing, Waldencast repaid all outstanding senior term loan facility debt. The company said any further allocation of transaction proceeds remains subject to review by its Board of Directors.

Waldencast founders Michel Brousset and Hind Sebti, along with Chief Financial Officer Manuel Manfredi, will transition from the company to lead Obagi Medical in partnership with Bridgepoint. Felipe Dutra, who serves as Executive Chairman of the Board, will assume the roles of principal executive officer and principal financial officer.

Following the transaction, Waldencast will focus on its remaining brand, Milk Makeup, a color cosmetics business operating under the leadership of President and Co-Founder Mazdack Rassi, with oversight from Dutra.

The information above is based on a press release issued by Waldencast plc.