Colgate-Palmolive enters fresh pet food with Prime100 acquisition
Colgate chairman, president and CEO Noel Wallace described Prime100 as “a high-growth, profitable, fresh dog-food asset”.
Colgate-Palmolive has agreed to acquire Australia-based Care TopCo, which owns the Prime100 fresh pet-food brand.
The US consumer goods company did not reveal the financial terms of the deal. However, according to The Australian Financial Review, New York-listed Colgate-Palmolive is acquiring Prime100 from Quadrant Private Equity for A$500m ($317.5m), Just Food reported.
In a statement, Colgate-Palmolive, which owns the Hill’s Pet Nutrition business, said the deal marks its entry into the fresh pet food category.
Colgate chairman, president and CEO Noel Wallace described Prime100 as “a high-growth, profitable, fresh dog-food asset”.
Set up in 2014 and based in Melbourne, Prime100 provides refrigerated and shelf-stable products, available through specialist pet stores and other retailers across Australia.
Hill’s Pet Nutrition president John Hazlin said the deal gives Colgate-Palmolive an “even larger, complementary portfolio of advanced nutrition products”.
The acquisition will be financed through a combination of debt and cash, with the transaction expected to be closed in the second quarter of 2025, pending regulatory approval in Australia.
When Colgate-Palmolive announced its 2024 financial results last month, the toothpaste giant said its overall pet segment, including Hill’s Pet Nutrition and private-label operations, generated net sales of $1.14bn in the fourth quarter, up from $1.11bn in the corresponding period a year earlier.
For 2024 as a whole, the group’s pet business recorded $4.48bn in net sales, an increase from $4.29bn in 2023.
The division’s operating profits in the fourth quarter rose 19% to $275m. Annual operating profits were $965m, up from $806m in 2023.
During 2025, Colgate-Palmolive plans to leave the market for private-label pet nutrition.
Related news
Podravka offloads confectionery assets to UPI Star in Bosnia and Herzegovina
The Croatian agri-food group’s Žito subsidiary in Slovenia is conducting…
Read more >Japan’s Mitsubishi Expands In Salmon Farming With Acquisitions In Norway, Canada
Japanese trading house Mitsubishi said it would expand its salmon…
Read more >L’Oréal Agrees To Acquire Professional Haircare Brand Color Wow
Cosmetics giant L’Oréal has agreed to acquire haircare brand Color…
Read more >Related news
Provident: A growing number of Hungarians are finding it challenging to survive on their income
An increasing number of Hungarians are facing a challenge to…
Read more >GKI Analysis: Artificial Intelligence in the Workplace: Who Uses AI?
Artificial Intelligence in the Workplace: Who Uses AI? In July,…
Read more >The domestic labor market remains stable
The domestic labor market remains stable, with the number of…
Read more >