Central Garden & Pet Announces Acquisition of TRIXIE for up to €400M

What Happened
Central Garden & Pet Company (CENT) announced on July 27, 2026 that it entered into a Sale and Purchase Agreement to acquire approximately 80% of TRIXIE Heimtierbedarf GmbH & Co. KG, a leading European pet supplies and pet snacks company headquartered in Tarp, Germany. The total consideration is up to €400.0 million: about €340.0 million paid in cash at closing plus an earn-out of up to €60.0 million tied to 2026 performance, each subject to customary adjustments. The acquisition is expected to close in the first half of the Company’s fiscal year ending September 25, 2027, and is subject to regulatory approvals and other closing conditions.

Key Details

• Purchase price: up to €400.0 million (≈ €340.0M upfront cash at closing; up to €60.0M earn-out based on 2026 results).
• Ownership: CENT will acquire ~80% of TRIXIE; certain shareholders will retain ~20% (the “Continuing Shareholders”).
• Future share rights: Over at least three years, Continuing Shareholders may require CENT to buy their shares; if not exercised after three years, CENT will have the corresponding right to purchase.
• Timing and conditions: Closing expected H1 of CENT’s fiscal year ending Sept 25, 2027; subject to regulatory approval and customary closing conditions.

Why It Matters
This is a strategic acquisition that expands Central Garden & Pet’s footprint in Europe by adding TRIXIE, a leading pet supplies and snacks company. The deal involves a material cash outlay at closing (~€340M) plus potential additional earn-out payments, which investors should consider when assessing CENT’s near-term cash needs and capital allocation. The retained minority ownership and staged put/call-like rights mean additional share transfers and potential cash obligations could occur over the next several years.