Four firms are giving advice on a merger of skin care and beauty brands with a special purpose acquisition company—a deal valued at about $1.2 billion.
Latham & Watkins is representing skin care brand Obagi, while Goodwin Procter is advising beauty brand Milk Makeup, according to a statement. Nixon Peabody said in a separate statement it’s advising Obagi’s owners. Skadden, Arps is advising the SPAC, Waldencast Acquisition Corp.
The merger, funded by $345 million of initial public offering cash proceeds, is expected to close in 2022’s first half. After closing, Obagi and Milk Makeup will become portfolio companies of Waldencast, which is listed on the Nasdaq exchange.
Waldencast will be led by its founder and CEO Michel Brousset, who has over 25 years of experience leading global consumer and beauty brands at L’Oréal and Procter & Gamble, the statement said.
“Partnering with Obagi and Milk Makeup is a major milestone in our ambition to build a best-in-class global multi-brand beauty platform,” Brousset said.
To contact the correspondent on this story: Rick Mitchell in Paris at rmitchell@correspondent.bloomberglaw.com
To contact the editor on this story: Chris Opfer in New York at copfer@bloomberglaw.com; John Hughes in Washington at jhughes@bloombergindustry.com
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