Colgate-Palmolive Company has agreed to acquire Care TopCo Pty Ltd, the Australian owner of the Prime100 pet food brand.
As a result of this acquisition, Hill’s Pet Nutrition division of Colgate-Palmolive will gain entry into the fresh pet food market and expand its position in Australia.
Prime100, based in Melbourne, is a fresh pet food brand offering refrigerated and shelf-stable products.
Launched in 2014, Prime100 has established itself as a brand in Australia through its science-backed product lines and veterinarian endorsement.
Noel Wallace, chair, president and chief executive officer of Colgate-Palmolive, commented, ”We are excited that this acquisition will add a high-growth, profitable fresh dog food asset to the Hill’s division portfolio with the opportunity to drive continued growth through expanded distribution and awareness.”
John Hazlin, president of Hill’s Pet Nutrition, added, ”We look forward to working with the Prime100 team and are confident that our joint expertise will drive new discoveries and provide pet parents with more tailored nutritional solutions.”
Transaction Set To Close This Year
The addition of Prime100 complements Hill’s existing pet food diets, enhancing the division’s range and prospects for growth.
The transaction will be financed through debt and cash and is expected to close in the second quarter of 2025, subject to regulatory approval in Australia.
The company does not expect the acquisition to have a material impact on diluted earnings per share in 2025.
Legal advisers to Colgate-Palmolive for the transaction are Wachtell, Lipton, Rosen & Katz, and Addisons, with BofA Securities acting as financial adviser.
For Prime100, Gilbert + Tobin provided legal advice and Houlihan Lokey acted as financial adviser.
Recently, the toothpaste maker said it expects annual sales below Wall Street expectations after missing quarterly sales estimates, hurt by weak demand in North America and Latin America for its household products.
