Waldencast plc completed the sale of its rights to the Obagi trademark in Japan to Rohto Pharmaceutical for $82.5 million, a transaction that closed on November 13, 2025 after Rohto’s board approved the transfer. Rohto has licensed the Obagi mark in Japan since 2002, and the sale removes a long‑standing licensing relationship that had generated 3 % royalties on net revenue for Waldencast in fiscal 2024.
The company also secured a new $225 million secured first‑lien term loan from Lumina Capital Management, a three‑year facility that replaces and consolidates its existing credit lines. The loan is intended to repay outstanding balances on prior facilities, provide working capital, and support general corporate purposes, thereby strengthening Waldencast’s liquidity profile.
Waldencast’s management described the sale and refinancing as part of an ongoing strategic review aimed at maximizing shareholder value. The proceeds from the trademark sale will be used to reduce debt, while the credit facility will provide a stable funding base for the company’s core brands, Obagi Medical and Milk Makeup. The company’s CEO, Michel Brousset, emphasized that the transaction allows the firm to focus on growth opportunities in its primary markets while eliminating a non‑core asset that had limited upside.
Financially, Waldencast reported sales of $131.58 million with a net loss of $10.08 million for the half‑year ended June 30, 2024, compared with $109.34 million and a net loss of $29.41 million in the prior year period. In Q1 2025, the company posted net revenue of $65.4 million, a 4.1 % year‑over‑year decline, and an adjusted EBITDA of $4.4 million. The company’s gross margin remains strong at 70 %, but operating and net margins are negative, reflecting ongoing investment and cost pressures.
Segment analysis shows that the Obagi Skincare segment, which includes Obagi Medical, accounts for the majority of revenue, while Milk Makeup contributes a smaller but growing share. Management noted that demand for Obagi Medical products remains resilient, but the Japanese market has been a drag due to licensing costs and limited growth prospects. The sale of the trademark is expected to improve the company’s balance sheet and free management to invest in high‑margin segments.
Overall, the transaction positions Waldencast to reduce debt, improve liquidity, and concentrate on its core brands. By divesting a non‑core asset and securing a low‑cost credit facility, the company aims to strengthen its capital structure and support future growth in the U.S. and international markets.
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