Central Garden & Pet to Buy TRIXIE in Up to €400 Million Deal
The acquisition would establish a scaled European platform and lift Central’s international sales exposure to about 10%.
Central Garden & Pet Company (CENT) agreed to acquire a majority interest in TRIXIE Heimtierbedarf GmbH & Co. KG in an all-cash transaction worth as much as €400 million, expanding the U.S. garden and pet-products supplier’s presence in Europe. The agreement called for Central to pay €340 million in cash at closing, with up to €60 million in additional earn-out payments tied to the transaction.
The acquisition was expected to close in the first half of Central’s fiscal 2027. The contingent portion represents 15% of the maximum consideration, limiting the amount due at closing while leaving part of the purchase price dependent on the earn-out terms. Central didn’t disclose a premium, financing plan or detailed closing conditions in the announcement.
The transaction would give Central a differentiated international presence, with approximately 10% of net sales generated outside the U.S. It would also establish a scaled platform from which the company could consolidate Europe’s fragmented pet-specialty market, extending Central’s acquisition strategy into a region where the combined business would have a broader operating base.
“Following the quarter, we entered into a definitive agreement to acquire a majority interest in TRIXIE, the leading European pet supplies and pet snacks company, a significant step in expanding our presence in Europe,” Chief Executive Niko Lahanas said. TRIXIE’s position across pet supplies and snacks gives Central an established European business spanning multiple product categories, supporting the company’s plan to use the acquisition as a foundation for further expansion.
The agreement followed continued dealmaking across the pet-products sector. General Mills agreed in November 2024 to pay $1.45 billion for Whitebridge Pet Brands’ North American premium cat-feeding and pet-treating business, adding Tiki Pets and Cloud Star to its Blue Buffalo portfolio. That transaction was General Mills’ fifth announced or completed pet-category acquisition since its 2018 purchase of Blue Buffalo, underscoring how large consumer-products companies have used acquisitions to add specialty brands and deepen their positions in selected pet categories.
For Central, the next step is completing the transaction within the stated fiscal-2027 window and turning TRIXIE into the European platform described by management. The earn-out keeps a portion of the ultimate consideration deferred, while the majority-interest structure gives Central the foothold it sought for a broader consolidation strategy. If completed as planned, the purchase would shift a meaningful share of Central’s sales base beyond the U.S. and place the company behind a scaled participant in Europe’s fragmented pet-specialty market.