Founded in 2007 by dermatologist Dr. Zein Obagi, the brand has carved out a distinct niche by distributing its serums, cleansers, and exfoliators exclusively through physicians and clinical professionals. This professional-grade distribution model has become a primary target for strategic buyers seeking resilient assets. Unlike mass-market over-the-counter products, physician-backed lines benefit from higher consumer trust and more predictable demand cycles.

Blackstone and Citigroup have declined to comment on the potential divestment, while representatives for ZO Skin Health and Raymond James did not immediately provide a response. The pursuit of a sale reflects a broader trend among private equity firms looking to monetize assets in the high-growth clinical skincare sector.