Gore Range Capital Announces Inaugural Fund III Investment in Obagi Medical

Investment alongside Bridgepoint marks the first investment from Gore Range Fund III and builds on the firm's longstanding focus on skin health and medical aesthetics

DALLAS, August 18, 2026 — Gore Range Capital (“Gore Range”), an investment firm focused on skin health innovation and aging sciences, today announced its investment in Obagi Medical (“Obagi”) alongside Bridgepoint, a leading global private markets investor, as part of the recently completed acquisition of Obagi from Waldencast plc (NASDAQ: WALD). The investment was made through Gore Range Fund III (“Fund III”) and represents the fund’s inaugural investment.

Founded in 1988, Obagi is a leading physician-dispensed skincare platform with a longstanding presence in dermatology and medical aesthetics. The company offers a broad portfolio of clinically oriented skincare products distributed through physicians and other professional channels.

The investment represents a continuation of Gore Range's longstanding focus on skin health and its broader strategy of investing in differentiated healthcare businesses where the firm's sector expertise, industry relationships and operating network can support long-term growth.

“Obagi is a company and brand we have known for many years, and we believe it represents an exceptional platform at the intersection of dermatology, aesthetics and

consumer health,” said Ethan Rigel, Managing Partner of Gore Range Capital. “Our investment reflects the strategy we established for Fund III: partnering with high-quality businesses where our specialized healthcare expertise and network can be additive. We are excited to work alongside Bridgepoint and the Obagi management team as the company enters its next phase of growth.”

The transaction also marks an important milestone in Gore Range's evolution as an investment platform. Fund III builds on the firm's experience investing across skin health and related areas of healthcare, combining specialized sector knowledge with a network of industry executives, physicians, scientists and operators.

“We have spent more than a decade building an ecosystem around skin health and the underlying science and businesses that shape the category,” Mr. Rigel added. “Fund III allows us to bring that experience to a broader set of opportunities and to partner with companies at different stages of their development. Obagi is a natural first investment for the fund and an example of the types of partnerships we believe Gore Range is uniquely positioned to pursue.”

Gore Range looks forward to supporting Bridgepoint, Obagi's leadership team and the broader organization as they build on the company's heritage and pursue its next phase of development.

About Gore Range Capital

Gore Range Capital is an investment firm focused on healthcare innovation, with deep expertise in skin health and related areas of biology and medicine. The firm invests in companies across stages and business models and brings together investors, healthcare executives, physicians, scientists and entrepreneurs to identify and support differentiated opportunities.

Gore Range Fund III is the firm's third investment fund and continues Gore Range's strategy of leveraging specialized sector expertise and its industry network to partner with healthcare businesses with opportunities for long-term growth.

For more information about Gore Range Capital, visit https://www.gorerangecapital.com/.

Important Notice

This communication is provided for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to purchase, any security or interest in any investment fund managed or advised by Gore Range Capital. Any such offer or solicitation will be made only pursuant to applicable offering documents and in accordance with applicable securities laws.

Certain statements contained herein may constitute forward-looking statements. Forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied. There can be no assurance that any investment objectives or anticipated outcomes will be achieved.

Media / Investor Contact

Chidi Nwankpa Gore Range Capital chidi@gorerangecapital.com

Source: Gore Range Capital