Hill’s Pet Nutrition expands into fresh pet food market with Prime100 acquisition

USA – Colgate-Palmolive’s Hill’s Pet Nutrition is strategically moving into the fresh pet food sector with its latest acquisition of Care TopCo Pty Ltd, the parent company of Prime100. 

This acquisition, announced as part of Colgate-Palmolive’s long-term growth strategy, will enhance Hill’s presence in the fast-growing fresh pet food market while reinforcing its position as a leader in science-backed, veterinarian-endorsed pet nutrition.

Based in Melbourne, Australia, Prime100 has emerged as a leading brand in fresh pet food since its launch in 2014. 

The company offers a range of refrigerated and shelf-stable pet food products, which are distributed through pet specialty and retail channels across Australia. 

Known for its premium-quality, science-driven formulations, Prime100 aligns well with Hill’s commitment to delivering specialised nutrition solutions for pets.

Colgate-Palmolive Chairman, President, and CEO Noel Wallace expressed confidence in the acquisition, stating, “Prime100 is a strong, veterinarian-endorsed, premium-priced brand with distinctive positioning that fits well within our long-term pet nutrition growth strategy.” 

He added that the company was excited that this acquisition will add a high-growth, profitable fresh dog food asset to Hill’s division portfolio, allowing the company to drive continued growth through expanded distribution and awareness.

Echoing this sentiment, John Hazlin, President of Hill’s Pet Nutrition, emphasised the company’s dedication to pet health and well-being. 

“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’ specialised dietary needs.” 

Hazlin added that the pet food giant is looking forward to working with the Prime100 team and is confident that their joint expertise will drive new discoveries, empower veterinarians, and provide pet parents with more tailored nutritional solutions.

The acquisition will be financed through a combination of debt and cash, with the transaction expected to close in the second quarter of 2025, pending regulatory approval in Australia. 

Despite the scale of the deal, it is not expected to have a material impact on diluted earnings per share for the year.

Legal advisors for Colgate-Palmolive on this transaction include Wachtell, Lipton, Rosen & Katz and Addisons, while BofA Securities provided financial advisory services. Gilbert + Tobin advised Prime100 as legal counsel and Houlihan Lokey as financial advisor.

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