Colgate-Palmolive Company (NYSE:CL) entered into a purchase agreement to acquire Three Dry Pet Food Manufacturing Plants in the U.S. from Red Collar Pet Foods, Inc. for $700 million.

Colgate-Palmolive Company (NYSE:CL) entered into a purchase agreement to acquire Three Dry Pet Food Manufacturing Plants in the U.S. from Red Collar Pet Foods, Inc. for $700 million on August 1, 2022. Red Collar, an Arbor Investments portfolio company, will manage the dry pet food private label business for a transition period and will continue to own and operate its pet treats business and facilities. The acquisition is subject to regulatory approval and other closing conditions.

Wachtell, Lipton, Rosen & Katz LLP acted as a legal advisor to Colgate-Palmolive Company, Perella Weinberg Partners LP acted as a financial advisor to Colgate-Palmolive Company, Kirkland & Ellis LLP acted as a legal advisor to Red Collar Pet Foods, Inc. and Centerview Partners LLC acted as a financial advisor to Red Collar Pet Foods, Inc.