Intrepid Advises Pioneer in Professional Skincare Obagi Cosmeceuticals on its Recapitalization and Growth Financing with The TCW Group

Intrepid announced today that it served as an exclusive financial advisor to Obagi Cosmeceuticals, LLC (Obagi) on its recapitalization and growth financing. The financing facility was provided by the Private Credit Group of TCW Asset Management Company LLC (TCW), a leading private credit lender with over $5 billion of capital under management that specializes in providing senior-secured loans to U.S.-based middle market borrowers. Obagi raised $150 million in senior secured credit facilities to refinance existing debt and provide capital for growth across its domestic and international channels.

Obagi is a women-led independent global skincare company dedicated to providing advanced, clinically-proven skincare treatments for all skin types. The company provides more than 100 Obagi Medical® products to brighten, nourish, protect, and enhance skin tone and texture through an extensive network of distributors, partners, physician offices, and spas around the world, as well as its newly launched direct-to-consumer (DTC) platform at Obagi.com. Obagi also offers dermatologist-tested, technologically advanced formulas through its Obagi Clinical™ line, accessible to consumers through Sephora.

“We were drawn to TCW because of their growth-oriented mindset and approach,” remarked Jaime Castle, President and CEO of Obagi. “We have an incredible market opportunity with our recently launched Website and DTC strategy, retail partnerships in the U.S., and growth in key international markets, and we look forward to the capital and support of the TCW team. Intrepid did a phenomenal job managing the transaction process and negotiating a deal that sets Obagi up for success. Their team understood how to position our company’s massive opportunity to secure a financing structure that far exceeded our expectations.”

“Obagi is run by a world-class management team with unmatched expertise in this segment,” commented Jonathan Zucker, Managing Director and Head of the Capital Markets Group at Intrepid. “With the additional resources that this partnership with TCW brings, Obagi is well-positioned to accelerate the execution of its strategic growth plan. We were honored to represent Jaime and the Obagi team in this significant transaction for Intrepid’s Capital Markets and Beauty & Personal Care practices.”

With a 30-year legacy and commitment to diversity and inclusion in all aspects of its business–from its corporate culture to product development–Obagi has pioneered a number of skincare advances, including being the first skincare brand to design its clinical research covering all six skin types across the Fitzpatrick skin spectrum. The company’s SKINCLUSION initiative, launched in 2019 with ambassador Priyanka Chopra Jonas, was designed to “elevate the global dialogue about diversity and how we can all make conscious choices to see the beauty in all of our differences.”

Deal Team Contacts

Jonathan Zucker, Managing Director and Head of Capital Markets

Kevin Striepe, Vice President

Lauren Antion, Vice President

Joseph Wisniewski, Associate

Media Contact

Andreea Popa, Director, Marketing & Communications

About Intrepid’s Capital Markets Group

For more than 35 years, our principals have advised clients in capital transactions, leveraging their institutional investor relationships and expertise in managing competitive processes. Our team is committed to helping clients meet their capital needs through various structures that include equity, senior, structured and mezzanine debt.

About Intrepid’s Beauty & Personal Care Practice

Intrepid provides dedicated merger and acquisition advisory and capital raising services to the Beauty & Personal Care industry. By focusing exclusively on beauty care companies, our industry bankers have a deep understanding of trends and value-drivers across the sector and maintain ongoing dialogue with the acquirer and investor universe. Our Beauty & Personal Care practice has a proven track record of helping clients sell to global strategic acquirers and value-added private equity groups across the beauty and personal care landscape.

Investment banking services offered by Intrepid Investment Bankers LLC, a subsidiary of MUFG Union Bank. Member FINRA/SIPC.