Thai Union’s i-Tail acquires US pet treat maker for $160M

USA- Thai Union’s pet food subsidiary i-Tail Corporation has acquired US-based Phelps Pet Products for an enterprise value of US$160 million, expanding its manufacturing presence in its largest market and strengthening its position in the dog treat segment.

The acquisition was completed on October 22 through i-Tail’s US subsidiary, which purchased all shares in Pet Treat Holdings, the parent company of Phelps Industries, according to a filing by Thai Union to the Stock Exchange of Thailand.

Founded in 1966, Phelps manufactures pet treats and speciality pet nutrition products for retailers and pet food brands, primarily in the United States and Canada. Its manufacturing facilities are located in Illinois and Wisconsin.

Phelps specialises in dog nutrition products, including air-dried foods and jerky-style treats. 

i-Tail said the portfolio complements its existing focus on premium wet cat food while providing access to additional customers across retail and distribution channels.

Phelps recorded net sales of US$70.3 million in 2025, with compound annual growth of 25.6% between 2023 and 2025, according to i-Tail.

The acquisition supports i-Tail’s ambition to reach annual revenue of up to US$1.5 billion by 2030. 

Chief executive officer Roy Chan said demand for treats, snacks and new pet food products is increasing as owners increasingly view pets as family members.

Chan described Phelps as a strategic fit that would add differentiated products, expertise and market capabilities while deepening i-Tail’s presence in one of the world’s largest pet food markets.

Phelps president and chief executive officer Rick Ruffolo said the combination would create opportunities for cross-selling and expansion into new product categories.

Treats accounted for 20% of i-Tail’s pet food sales in the first half of 2026. The company launched more than 400 new products during the same period, reflecting its focus on expanding its product range.

i-Tail funded the transaction through working capital and proceeds from its initial public offering. Thai Union owns 79.3% of i-Tail, making Phelps an indirect subsidiary of the Thai seafood group.

The acquisition strengthens i-Tail’s position in the North American pet food market while broadening its product offering beyond wet cat food into dog treats and speciality nutrition products.

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