Waldencast Launches a SPAC, Acquiring Milk Makeup & Obagi

Waldencast the multi-pronged VC, incubator, and now SPAC launched a SPAC worth $1.2B to acquire beauty & wellness brands. The goal is create a new beauty & wellness platform.
The two first acquisitions are Milk Makeup & Obagi.
According to WSJ, "Waldencast’s transaction to buy Milk Makeup and Obagi will be funded by $345 million in cash from the SPAC’s IPO, so long as investors don’t redeem their SPAC shares. There is additional money coming in the form of two forward-purchase agreements, $160 million of which is the sponsor’s capital as well as a private investment in public equity, or PIPE. An additional $475 million in Waldencast’s postdeal valuation comes from equity from the two merging companies."
Waldencast's larger goal is to "build a next-generation company that values sustainability, responsibility and inclusivity.”
An increasing number of companies are taking on the traditional CPG model which is heavier and more cumbersome than these newer either SPAC based plays or Thrasio models.
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WSJ [Paywall]