Colgate-Palmolive has announced its acquisition of Care TopCo, parent of Australian pet food brand Prime100, to strengthen its Hill’s Pet Nutrition division.
Launched in 2014 and headquartered in Melbourne, Prime100 is known for its science-backed and veterinarian-endorsed pet food. The brand’s refrigerated and shelf-stable products are sold at pet specialty and other retailers in Australia.
Noel Wallace, Colgate’s Chairman, President and CEO said the Prime100 fits well within the company’s long-term pet nutrition growth strategy.
“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,” he added.
Colgate-Palmolive sells products in more than 200 countries and territories under brands such as Colgate, Palmolive, Protex and Sanex. The company’s Hill’s Pet Nutrition offers dog and cat foods, which are stocked by retailers including PetO, Petbarn and Pet Circle.
According to the Australian Financial Review, the New York-listed consumer goods firm is buying Prime100 from Quadrant Private Equity, which has owned a 55 per cent stake since 2021.
The pet food brand is estimated to generate about $100 million in annual revenue and $25 million in earnings before interest, tax, depreciation and amortisation.
The transaction will be financed with a combination of debt and cash, expected to close in the second quarter of this year. Colgate said the deal will not have a material impact on diluted earnings per share this fiscal year.
