NEW YORK CITY (dpa-AFX) - Colgate-Palmolive Company (CL) a US-based multinational consumer goods company Tuesday announced that it is set to acquire Care TopCo Pty Ltd, owner of Prime100, strengthening Hill's Pet Nutrition's presence in Australia and entering the fresh pet food market while complementing its science-led, vet-endorsed diets as a part of its expansion strategy, which involves investing in rapidly growing product segments related to its core categories.
Headquartered in Melbourne, Australia, Prime100 is a fresh pet food brand that provides both refrigerated and shelf-stable products, available through pet specialty stores and other retailers across Australia. Since its launch in 2014, Prime100 has become a leading fresh pet food brand in the country, recognized for its science-driven product lines and veterinary endorsement.
The acquisition will be funded through a combination of debt and cash and is anticipated to close in the second quarter of 2025, subject to regulatory approval in Australia.
The transaction is not expected to have a significant impact on diluted earnings per share for 2025.
Tuesday CL closed at $86.39 or 0.41% higher on the New York Stock Exchange.
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