Colgate-Palmolive (CL) to Acquire Prime100

As part of its growth strategy, which includes investing in faster-growing product segments adjacent to its core categories, Colgate-Palmolive Company (NYSE: CL) today announced that it has agreed to acquire Care TopCo Pty Ltd, owner of the Prime100 pet food brand. This acquisition provides the Company’s Hill’s Pet Nutrition division with an entry into the fast-growing fresh pet food category while complementing its existing science-led, veterinarian-endorsed specialty pet food diets and strengthening its presence in the Australian pet food market.

Based in Melbourne, Australia, Prime100 is a fresh pet food brand offering both refrigerated and shelf stable products, sold to pet specialty and other retailers in Australia. Launched in 2014, Prime100 is a leading fresh pet food brand in Australia, driven by its science-backed product lines and veterinary endorsement.

Noel Wallace, Colgate’s Chairman, President and Chief Executive Officer commented, “Prime100 is a strong, veterinarian-endorsed, premium-priced brand with distinctive positioning that fits well within our 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.”

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 will be financed with a combination of debt and cash and is currently expected to close in the second quarter of 2025. The acquisition is conditioned upon receipt of regulatory approval in Australia.

The transaction is not expected to have a material impact on diluted earnings per share in 2025.

Wachtell, Lipton, Rosen & Katz and Addisons acted as legal advisors and BofA Securities acted as financial advisor to Colgate-Palmolive on the transaction. Gilbert + Tobin acted as legal advisors and Houlihan Lokey acted as financial advisor to Prime100 on the transaction.

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