Colgate-Palmolive has announced its agreement to acquire Care TopCo Pty Ltd, the owner of the Prime100 pet food brand, as part of its growth strategy focused on expanding into faster-growing product segments. The acquisition, set to enhance the company’s Hill’s Pet Nutrition division, marks its entry into the fresh pet food market while strengthening its presence in Australia.

Prime100, based in Melbourne, is a leading fresh pet food brand that offers refrigerated and shelf-stable products. Since its launch in 2014, it has gained recognition for its science-backed product lines and veterinarian endorsements.

Colgate-Palmolive Chairman, President, and CEO Noel Wallace highlighted Prime100’s strong positioning as a premium brand that aligns with the company’s long-term pet nutrition growth strategy. John Hazlin, President of Hill’s Pet Nutrition, emphasized the benefits of adding Prime100’s products to Hill’s portfolio, allowing for a more comprehensive offering of advanced, vet-recommended nutrition.

The acquisition, expected to close in the second quarter of 2025 pending regulatory approval in Australia, will be financed through a combination of debt and cash. The transaction is not expected to have a material impact on Colgate-Palmolive’s diluted earnings per share in 2025.

Legal and financial advisors for the deal include Wachtell, Lipton, Rosen & Katz and BofA Securities for Colgate-Palmolive, while Prime100 was advised by Gilbert + Tobin and Houlihan Lokey.