NEW YORK: Colgate-Palmolive Company (NYSE:CL) announced Wednesday its agreement to acquire Care TopCo Pty Ltd, the owner of the Prime100 pet food brand, as part of its growth strategy. This move will expand its Hill’s Pet Nutrition division into the fast-growing fresh pet food market while complementing its existing science-led, veterinarian-endorsed specialty diets and strengthening its presence in Australia.
Prime100, based in Melbourne, Australia, offers both refrigerated and shelf-stable products and is sold through pet specialty and other retailers in the country. Launched in 2014, Prime100 is a leading fresh pet food brand in Australia, known for its science-backed product lines and veterinary endorsements.
“Prime100 is a strong, veterinarian-endorsed, premium-priced brand with distinctive positioning that fits well within our long-term pet nutrition growth strategy,” said Noel Wallace, Colgate’s Chairman, President, and CEO. “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, “Hill’s is committed to enriching and lengthening the special relationship between people and their pets. With this addition, Hill’s will have an even larger, complementary portfolio of advanced nutrition products, backed by science and endorsed by vets, to help pet parents meet their pets’ specialized dietary needs. We look forward to working with the Prime100 team and are confident that our joint expertise will drive new discoveries, empower veterinarians, and provide pet parents with more tailored nutritional solutions.”
The transaction, to be financed with a combination of debt and cash, is expected to close in the second quarter of 2025, pending regulatory approval in Australia. The acquisition is not expected to materially impact diluted earnings per share in 2025.
Legal advisors for Colgate-Palmolive were Wachtell, Lipton, Rosen & Katz, and Addisons, with BofA Securities acting as financial advisor. Prime100 was advised by Gilbert + Tobin and Houlihan Lokey.