Who Owns Waldencast Company?

Who Owns Waldencast?

Understanding a company's ownership is key to its strategy and accountability. Waldencast plc, a global beauty and wellness platform, transitioned to public ownership through an IPO. Founded in 2021, it aims to curate purpose-driven brands.

Waldencast's comparable net revenue grew by 27.5% in 2024 to $273.9 million, with adjusted EBITDA at $40.3 million. The company focuses on acquiring and scaling brands like Obagi Medical and Milk Makeup across its Americas and International segments.

The ownership of Waldencast plc is a dynamic structure influenced by its founding team, early investors, and public market participation following its IPO. This structure dictates the company's strategic direction and operational priorities, impacting its growth initiatives and market positioning. Analyzing its Waldencast BCG Matrix provides further insight into its brand portfolio management.

Waldencast plc was founded in 2021 by Michel Brousset and Felipe Dutra, who serve as its Chief Executive Officer and Executive Chairman, respectively. The company transitioned to public ownership through an IPO in March 2021, raising $345 million.

Founding Team

Michel Brousset, with over 25 years of experience at L'Oréal and Procter & Gamble, leads as CEO. Felipe Dutra, formerly CFO of Anheuser-Busch InBev, is the Executive Chairman.

Key Executive

Hind Sebti, another co-founder, brings over two decades of beauty industry experience from L'Oréal and Procter & Gamble, holding the position of Chief Growth Officer.

Initial Capitalization

The company secured $345 million through its Initial Public Offering in March 2021. This funding was intended for strategic acquisitions and expansion efforts.

Public Offering Details

The IPO transformed Waldencast from a private entity, Waldencast Acquisition Corp., into a publicly traded company on NASDAQ. This marked a significant step in its ownership structure.

Sponsor Agreement

Waldencast Long-Term Capital LLC, the company's sponsor, and Dynamo Master Fund agreed to purchase 13,000,000 Class A ordinary shares and 4,333,333 warrants for $130,000,000.

Early Financing

During 2021, certain Waldencast officers and directors provided loans via promissory notes for working capital. These notes were converted into warrants at $1.50 per warrant upon the business combination's closing.

The initial ownership of Waldencast was established by its co-founders, Michel Brousset and Felipe Dutra, alongside other key executives like Hind Sebti. The company's transition to a publicly traded entity through its March 2021 IPO means that ownership is now distributed among public shareholders, with significant early investment coming from its sponsor, Waldencast Long-Term Capital LLC, and Dynamo Master Fund. Understanding the Revenue Streams & Business Model of Waldencast provides further context on the company's operational foundation and how it generates value for its stakeholders.

Waldencast Ownership Overview

Waldencast plc's ownership structure is a blend of founder and early investor stakes, alongside public shareholders following its 2021 IPO. The company's initial capital was significantly bolstered by its public offering, enabling its strategic growth initiatives.

• Founders: Michel Brousset, Felipe Dutra, and Hind Sebti.
• Publicly Traded: Listed on NASDAQ after its March 2021 IPO.
• Initial Capital Raised: $345 million from the IPO.
• Key Early Investors: Waldencast Long-Term Capital LLC and Dynamo Master Fund.
• Early Financing: Promissory notes from officers and directors converted to warrants.

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Waldencast plc's ownership structure has seen significant shifts since its initial public offering in March 2021. A pivotal moment was the approximately $1.2 billion business combination in July 2022, which integrated Obagi Skincare and Milk Makeup, thereby expanding the company's market reach and brand portfolio.

As of early 2025, the ownership landscape of Waldencast plc is characterized by substantial holdings from private entities and company insiders. Private companies collectively represent the largest ownership bloc, holding 32% of the company's shares. Insiders maintain a significant presence, with a 24% stake valued at approximately $194 million as of February 9, 2024. Hedge funds account for 17% of ownership, while the general public, including individual investors, holds 13%. These figures highlight a concentrated ownership structure that can influence the company's strategic direction and governance, aligning with the company's Mission, Vision & Core Values of Waldencast.

Key Stakeholders in Waldencast

Understanding who owns Waldencast involves identifying its major shareholders and their respective stakes.

• Sijue Dai is the largest individual shareholder, holding 23% of outstanding shares as of February 9, 2024.
• Zeno Equity Partners LLP, acting as the investment manager for Zeno Investment Master Fund, reported ownership of 15,335,543 shares, representing 12.50% of the company as of July 30, 2025. This makes them the second-largest shareholder.
• Waldencast Long-Term Capital LLC held approximately 14% of the company's stock as of February 9, 2024.
• Institutional investors, as of Q3 2024, owned 17.89% of Waldencast. Key institutional holders include BlackRock Inc. (1.08%), State Street Corp (0.38%), and The Vanguard Group Inc. (0.12%).

The total number of ordinary shares outstanding for Waldencast plc was 122,692,968 as of December 31, 2024, comprising 112,026,440 Class A and 10,666,528 Class B shares. By April 30, 2025, this number saw a slight increase to 123,011,239 ordinary shares, with 112,644,711 Class A and 10,366,528 Class B shares. These details provide a clear picture of Waldencast company ownership details and who controls Waldencast company.

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As of October 7, 2024, Waldencast plc's Board of Directors consists of 11 members, bringing a wealth of experience in the beauty, financial, and consumer product industries. This diverse group guides the company's strategic direction and oversight.

The voting power within Waldencast plc is primarily structured around a one-share-one-vote principle for its Class A ordinary shares. However, the existence of 10,666,528 Class B ordinary shares as of December 31, 2024, suggests potential variations in voting rights, though specific details remain undisclosed in public records. A significant indicator of alignment with shareholder interests is the substantial insider ownership, which stood at 24% as of February 9, 2024, demonstrating a strong commitment from the board and management.

Understanding Waldencast's Ownership Structure

The ownership structure of Waldencast is influenced by its board and executive team. Key figures like co-founders Felipe Dutra and Michel Brousset play pivotal roles.

• Felipe Dutra is the Co-Founder and Executive Chairman.
• Michel Brousset serves as Co-Founder, CEO, and Board Director.
• Hind Sebti, another Co-Founder, holds the position of Chief Growth Officer and Board Director.
• Insider ownership represents a significant portion of the company's shares.
• The company's voting power is generally based on a one-share-one-vote system for Class A shares.

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The ownership landscape of Waldencast plc has seen dynamic shifts over the past few years, influenced by strategic acquisitions and public market activities. These developments have reshaped its shareholder base and financial structure, impacting its trajectory as a beauty and wellness company.

Institutional investors play a significant role in Waldencast's ownership structure, with hedge funds holding approximately 17% of the company's shares as of February 2024. Zeno Equity Partners LLP emerged as a key stakeholder, increasing its stake to 12.50% by the third quarter of 2024, holding 15,335,543 shares. This concentration of institutional ownership suggests a belief in the company's growth potential and strategic direction. The company's focus on integrating its acquired brands and achieving operational synergies, as detailed in its Growth Strategy of Waldencast, aims to bolster profitability and shareholder value.

Institutional Investor Activity

Hedge funds held 17% of shares as of February 2024. Zeno Equity Partners LLP increased its holdings to 12.50% by Q3 2024.

Financial Performance and Flexibility

The company reported $273.9 million in net revenue for 2024, a 27.5% increase. A new $205 million credit facility enhances financial flexibility.

Board and Leadership Expansion

Three new board members were appointed in September 2024, expanding the board to 11 members. This move aims to strengthen governance and diversify expertise.

Future Growth Projections

The company targets mid-teens Net Revenue growth and Adjusted EBITDA Margin expansion for fiscal year 2025.

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