Houlihan Lokey Advises Prime100
Houlihan Lokey is pleased to announce that Prime100, a portfolio company of Quadrant Private Equity (Quadrant), has agreed to be acquired by Hill’s Pet Nutrition (Hill’s), a subsidiary company of Colgate-Palmolive (NYSE:CL).
As the world’s most active investment bank by deal volume,* Houlihan Lokey leveraged its deep pet sector expertise and global connectivity to facilitate the sale of a high-quality private equity portfolio company to a leading global strategic buyer. Hill’s is a natural long-term custodian for Prime100, given their shared commitment to premium, science-backed, and veterinarian-endorsed pet nutrition. This transaction reinforces Houlihan Lokey’s leadership in the pet sector and proven track record in executing complex cross-border transactions.
Prime100 was founded in 2014 and has become a leading fresh pet food brand in Australia, driven by science-backed product lines and veterinary endorsement. Over the past four years, Prime100 has tripled its premium fresh business and further accelerated growth through expansion into innovative shelf-stable wet and dry formats.
Quadrant invested in Prime100 through the Quadrant Growth Fund in 2021, partnering with the founders along with the broader Prime100 team, to drive the company’s next phase of growth. Since investment, Quadrant has worked closely with the founders to build a strong leadership team, appointing Jason Gray as CEO in 2022. Under Mr. Gray's leadership, and with Quadrant’s strategic support, Prime100 has continued to thrive, solidifying its position as a leading premium pet food brand in Australia and expanding its geographic presence.
Founded more than 75 years ago with an unwavering commitment to science-led pet nutrition, the company is on a mission to help enrich and lengthen the special relationships between people and their pets. Hill’s is dedicated to pioneering research for dogs and cats using a scientific understanding of their specific dietary needs. As a leading veterinarian-recommended pet nutrition brand, knowledge is its first ingredient, with more than 220 veterinarians, Ph.D. nutritionists, and food scientists working to develop breakthrough innovations in pet health. Hill’s Prescription Diet therapeutic nutrition, plus its everyday wellness product line, Hill’s Science Diet, are sold at vet clinics and pet specialty retailers worldwide.
Colgate-Palmolive, a caring and innovative growth company, is reimagining a healthier future for people, their pets, and the planet. The company is recognized for its leadership and innovation in promoting sustainability and community well-being, including notable achievements in reducing plastic waste, promoting recyclability, saving water, conserving natural resources, and improving children’s oral health through the Colgate Bright Smiles, Bright Futures program, which has reached approximately 1.8 billion children and their families since 1991.
Houlihan Lokey served as Prime100’s exclusive financial advisor and assisted in initiating, structuring, and negotiating key aspects of the transaction on its behalf. The deal also underscores Houlihan Lokey’s deep expertise in the pet sector, following other successful transactions, including the sale of Whitebridge Pet Brands to General Mills, the sale of FoodScience to Morgan Stanley Capital Partners, the sale of Jollyes to TDR Capital, General Atlantic’s investment in Butternut Box, the merger between Natural Balance Pet Foods and Canidae LLC, the sale of Pet Food U.K. to IPN, the sale of Zesty Paws to H&H Group, the sale of Whitebridge Pet Brands to NXMH, the sale of Forthglade to IK Partners, and the sale of Lily’s Kitchen and Tails.com to Nestlé Purina. The transaction was announced on February 18, 2025, and is subject to customary closing conditions. It is expected to close in Q2 2025.
*Source: LSEG (formerly Refinitiv). Excludes accounting firms and brokers.
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