Obagi acquired by Waldencast
Waldencast acquired Obagi, a skincare brand.
Transaction summary
- Target
- Obagi
- Acquirer
- Waldencast
- Seller
- -
- Announced
- 2021-11-15
- Geography
- -
- Type
- Acquisition
- Deal type
- Control
- Stake acquired
- -
- First added
- 2026-06-18
- Latest update
- 2026-10-21
Value and multiples
100% enterprise value
EUR 756M
100% enterprise value | EUR
Basis: FundComb estimate
Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.
Approx. $865M USD using FX date 2021-11-15 at 1.1444 EUR/USD.
EV / revenue
4.5x
Period not stated
Basis: FundComb estimate
EV / EBITDA
17.2x
EBITDA basis not stated
Basis: FundComb estimate
Basis
- FundComb’s comps spreadsheet values Obagi at EUR 756m, used as the whole-company enterprise value; the spreadsheet attributes the figure to Rothschild. With revenue of EUR 168m and EBITDA of EUR 44m it gives 4.5x revenue and 17.2x EBITDA; the period is not stated. These are FundComb estimates, not confirmed by a public source. Waldencast announced a USD 1.2bn three-way business combination with Obagi and Milk Makeup in November 2021 (Business Wire); that figure covers both businesses, not Obagi alone.
Source summary
Waldencast Announces $1.2 Billion Three-Way Business Combination with Obagi and Milk Makeup as a First Step in its Strategy to Create a Global Multi-Brand Beauty and Wellness Platform - Business Wire
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