Central Garden & Pet's TRIXIE Deal Targets European Pet-Supplies Leadership
Central Garden & Pet (NASDAQ: CENT) announced an agreement to acquire a majority stake in TRIXIE, a German pet supplies company, in a deal valued at a high-single-digit multiple before synergies. CEO Niko Lahanas stated the combination could create the world's largest pet-supplies company and provide a strong platform in Europe. The acquisition was triggered by TRIXIE's founder seeking to exit and establish a foundation. Central plans to focus on integration and onboarding first, with potential opportunities including cost synergies, European distribution of Central products, U.S. distribution of selected TRIXIE products, e-commerce development, and expanded cat product exposure. The transaction is expected to be margin- and earnings-accretive despite TRIXIE's recent low-single-digit sales declines. Central intends a cautious first-year integration to preserve TRIXIE's culture while pursuing a gradual turnaround.
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