Coles has ended discussions with private equity firm TPG over the $4 billion acquisition of the Greencross Pet Wellness Company.

The Petbarn and City Vets owner was on the supermarket giants’ radar not long after it wound-up operations at its own pet-retailer, Swaggle. At the time, Coles said it “regularly assesses strategic opportunities that may complement its existing business and create value for shareholders”.

“Coles applies a disciplined approach to acquisitions,” the company told investors on the ASX, while notifying them that talks had ceased.

Greencross has 240 locations in its retail portfolio and over 200 veterinary clinics. If a deal were to be completed, it would have seen the store network of Coles Group rival that of Woolworths Group, the operator of the country’s largest supermarket business.

The US-based TPG Capital acquired Greencross for $675 million in 2019; it saw Greencross delist from the ASX and become a private company.

Greencross then went on to surpass $2 billion in revenue for the 2025 financial year.