Colgate-Palmolive has agreed to acquire Care TopCo, the owner of the Prime100 fresh petfood brand, marking its entry into the fresh petfood category. The financial terms were not disclosed, but reports indicate the deal is valued at A$500 million (€317 million).
Prime100, founded in 2014 in Melbourne, offers refrigerated and shelf-stable dog food products through pet stores and retailers across Australia. Colgate-Palmolive, which owns Hill’s Pet Nutrition, sees Prime100 as a profitable addition to its pet nutrition portfolio.
The acquisition will be financed through debt and cash, with the deal expected to close in the second quarter of 2025, pending Australian regulatory approval.
Colgate-Palmolive’s pet business, including Hill’s Pet Nutrition, reported net sales of €1.07 billion in the fourth quarter of 2024, up from €1.04 billion a year earlier. For 2024, the division’s net sales reached €4.18 billion, up from €4.07 billion in 2023. Operating profits rose 19% in Q4 to €255 million.
This acquisition expands Colgate-Palmolive’s petfood presence, but the company plans to exit the private-label pet nutrition market in 2025.
