Supermarket giant Coles has revealed itself to be in talks over a blockbuster acquisition of the TPG-backed Greencross Pet Wellness Company.
The deal, first reported by The Australian Financial Review, is expected to see the Petbarn and City Vets owner valued at around $4 billion. TPG Capital acquired the animal-care group Greencross for $675 million in 2019; it saw Greencross delist from the ASX and become a private company.
Greencross then went on to surpass $2 billion in revenue for the 2025 financial year.
“Coles confirms that it is in discussions with TPG in relation to a potential acquisition of the business and is undertaking due diligence,” the supermarket retailer told the ASX.
“As one of Australia’s leading retailers, with a strong balance sheet and debt capacity, Coles regularly assesses strategic opportunities that may complement its existing business and create value for shareholders.”
In March this year, Coles confirmed the closure of its own venture into the pet care industry, Swaggle. The Victorian-based online marketplace – which lasted just two years – was called one of Coles’ “most significant innovation initiatives” by a company spokesperson. The same spokesperson cited changing customer needs and demand in the pet market as the reason behind the closure.
“Coles will only pursue an acquisition where it is satisfied that the transaction is strategically compelling and capable of delivering attractive shareholder returns,” the statement issued to the exchange continued. “Discussions remain incomplete, and there is no certainty that a transaction will proceed.”
With more than 240 locations in its retail portfolio and over 200 veterinary clinics, a deal with Greencross would take the 1800-strong store footprint of the Coles Group within touching distance of the Woolworths Group network, the operator of the country’s largest supermarket business.
