Agrolimen Acquires Ollie in $600M+ Fresh Pet Food Deal

Ollie, the NYC-based fresh dog food subscription service, has been acquired by Spanish conglomerate Agrolimen in a deal reportedly valuing the company at over $600 million. For operators in the fresh pet food space, the acquisition signals that European strategic buyers are now competing for American DTC brands — and that the window for independent scale may be closing.

What Happened

Agrolimen announced the acquisition on February 6, 2026. Financial terms were not officially disclosed, though sources familiar with the deal suggest a valuation exceeding $600 million.

Ollie will continue operating as an independent brand with its existing leadership team and U.S. headquarters. No changes to operations or customer experience are planned — a familiar playbook for Agrolimen, which took the same approach when it acquired Nature's Variety in 2016.

Founded in 2016, Ollie built a national cold-chain distribution infrastructure for fresh, human-grade dog food delivered via subscription. The company raised over $100 million across multiple rounds from investors including Primary Venture Partners, Canaan Partners, and Lerer Hippeau, per CB Insights.

Ollie's most recent funding was a $21.3 million round in March 2024. In late 2024, the company acquired DIG Labs, an AI-powered pet health diagnostics company, integrating health screening features into its subscription platform.

Why It Matters

This acquisition extends Agrolimen's American pet food footprint significantly. The family-owned Spanish conglomerate already controls Nature's Variety (maker of the Instinct brand) in the U.S. and Affinity Petcare across Europe. Adding Ollie gives them a pure-play DTC fresh brand to complement Nature's Variety's retail-focused premium positioning.

1. The valuation gap tells a story. At ~$600 million, Ollie sold for roughly one-sixth of The Farmer's Dog's reported $3.5 billion valuation. The Farmer's Dog has crossed $1 billion in annualized revenue and recently turned profitable. Ollie's earlier exit suggests either different growth trajectories or a strategic premium Agrolimen was willing to pay for immediate market access.

2. European strategics are buying, not building. Agrolimen's approach — acquire established American brands and let them operate independently — reflects a pattern. Building DTC infrastructure and brand equity from scratch in the U.S. market is expensive and slow. For European conglomerates flush with pet industry profits, acquisition is the faster path.

3. The fresh category is consolidating before it matures. Fresh pet food remains a small fraction of the overall market, but growth rates have attracted both venture capital and strategic interest. With Ollie now under Agrolimen, the major independent players in fresh DTC have narrowed. The Farmer's Dog remains the clear leader; Freshpet (market cap ~$3.8B as of February 2026) competes primarily through retail.

4. Subscription + diagnostics is the emerging model. Ollie's acquisition of DIG Labs last year signaled a strategic bet: subscription pet food companies can expand into health services. Agrolimen now owns both the recurring revenue stream and a health tech asset that could differentiate Ollie from pure-food competitors.

For smaller fresh pet food operators, the message is clear: strategic acquirers are actively shopping, and they're willing to pay for established infrastructure and customer bases.

What to Watch

Integration with Nature's Variety: Will Agrolimen keep the brands entirely separate, or look for operational synergies in manufacturing and distribution? Nature's Variety has facilities in Nebraska; Ollie's cold-chain network serves a different product format. Watch for announcements about shared infrastructure.

Retail expansion for Ollie: Ollie partnered with Petco in 2023 to bring its products to retail. With Agrolimen's retail experience through Instinct, an accelerated omnichannel push is likely.

The Farmer's Dog's next move: As the largest remaining independent in fresh DTC, The Farmer's Dog faces increased scrutiny. IPO speculation has circulated; this acquisition may accelerate that timeline if they want to raise capital while the category is hot.

Pricing and margin evolution: Fresh pet food margins are notoriously thin. Agrolimen's resources could allow Ollie to invest in efficiency or compete on price — putting pressure on smaller players who lack that backing.