Coles in talks to buy Greencross from TPG in mooted A$4b pet deal
Coles Group has entered talks to acquire Greencross Pet Wellness Company from private equity firm TPG Capital, in a deal that would value the pet care business at about A$4b. Greencross owns the Petbarn, City Farmers and Greencross Vets brands. No price has been agreed and no deal has been signed.
Transaction snapshot
Deal value: A$4b (reported target; not confirmed)
Deal multiples: N/A (no transaction multiple disclosed)
Deal type: Acquisition — proposed; in discussions and due diligence, no binding agreement
Investors: Coles Group (potential acquirer); TPG Capital (vendor)
Coles confirmed the discussions to the ASX after they were first reported by The Australian Financial Review, saying it was undertaking due diligence and pointing to its strong balance sheet and debt capacity. The retailer stressed it would only pursue an acquisition where it was satisfied the transaction was strategically compelling and capable of delivering attractive shareholder returns, and it cautioned that discussions remained incomplete and there was no certainty a transaction would proceed.
Coles approached TPG almost a year ago, according to the AFR, though the final price remains unclear. TPG is targeting about A$4b, the same valuation at which it sought to float Greencross last year. The firm bought Greencross for A$675m in 2019 and took it private, delisting the company from the ASX. Revenue has since grown past A$2b in the 2025 financial year. Market commentary has noted that the mooted A$4b is about twice Greencross's FY25 sales and nearly six times what TPG paid in 2019.
Greencross is Australia's largest pet care business, operating 267 retail stores across Australia and New Zealand under the Petbarn and City Farmers brands alongside its Greencross Vets network. Its wider operations take in more than 140 vet clinics and 24 animal hospitals, along with 132 grooming salons, 114 puppy schools and 166 DIY dog washes. It also runs 15 mobile dog washes, four crematorium facilities and a specialist pathology centre serving clinics nationally.
A deal would mark a quick return to pet care for Coles. In March 2026 the retailer shut Swaggle, an online pet marketplace it had run for two years, citing shifting customer demand. Buying Greencross would take Coles beyond groceries and further into pet care, lifting its store footprint of about 1800 sites closer to that of rival Woolworths Group, which is already in the category through its stake in Petstock.
