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i-Tail Corporation acquired Phelps Pet Products, a US contract manufacturer of pet treats, for an enterprise value of $160 million. The deal adds manufacturing facilities in Illinois and Wisconsin and broadens i-Tail’s treat and specialty nutrition portfolio in its largest market. The companies have not disclosed the transaction’s closing date or detailed integration plans.
Thai pet food manufacturer i-Tail Corporation has acquired Phelps Pet Products, a US-based contract maker of pet treats, for an enterprise value of $160 million. The acquisition adds US manufacturing operations and expands i-Tail’s products in treats and specialty pet nutrition, in its largest market.
Phelps makes pet treats and specialty nutrition products for retailers and pet food brands. Founded in 1966, the company operates manufacturing facilities in Illinois and Wisconsin and serves customers in the US, Canada and other markets. Its product expertise includes dog nutrition, air-dried foods and jerky-style treats, which i-Tail said will complement its strength in premium wet cat food.
Phelps recorded $70.3 million in net sales in 2025. The source report said its compound annual growth rate from 2023 to 2025 was 25.6%. The $160 million figure is the deal’s enterprise value; the companies did not provide further transaction terms in the report.
i-Tail said the purchase expands its supply network and customer base across retail and distribution channels. Phelps CEO and President Rick Ruffolo said the businesses intend to pursue cross-selling and explore additional product categories. The report describes those as opportunities, not as completed product launches or sales agreements.
A US Base for Treat Expansion
The acquisition gives i-Tail manufacturing operations in the United States, where the company already sells products and identifies the country as its largest market. Local production could broaden its supply options and connect the Thai manufacturer with Phelps’ existing customers and capabilities. The source report does not specify whether production, staffing or customer arrangements will change after the deal.
The purchase also comes as treats form a growing part of i-Tail’s business. In the first half of fiscal 2026, treats made up 20% of i-Tail’s total pet food sales. In the second quarter, treat revenue rose 62.3% year over year to 925 million baht (about $29 million), making it the company’s fastest-growing segment during that period, according to the report.
These figures provide a business rationale for adding a specialist manufacturer, but do not establish how much of i-Tail’s future growth will come from Phelps. The acquisition combines an established US contract manufacturing business with i-Tail’s broader reach; the size of any resulting cost savings, new sales or product expansion has not been disclosed.
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Treats Gained Ground at i-Tail
i-Tail is headquartered in Bangkok and is a subsidiary of Thai Union Group. It was founded in 1981 as Songkla Canning and took the i-Tail Corporation name in September 2021. Its established business includes premium wet cat food, while the Phelps deal adds a larger range of treat and specialty nutrition capabilities.
The source report said i-Tail launched more than 400 new products between January and June 2026. It also reported that US sales increased 17.9% year over year in the first half of the fiscal year, while sales in the Americas rose 14% year over year in the second quarter. The company attributed growth to sustained demand and product launches; the report also cited demand for treats and private-label products in the Americas.
Treats represented between 10% and 21% of i-Tail’s total pet food sales from 2023 to 2025, according to the report. The company has said it expects the category to grow, citing consumer demand and changing preferences. That expectation is a company outlook, rather than a guaranteed result of the acquisition.
“This acquisition marks an important milestone in our growth journey, supporting our aspirational target of reaching up to $1.5 billion in annual revenue by 2030 while creating long-term value for our customers, pet parents, and shareholders.”
— Roy Chan, CEO of i-Tail Corporation
Deal Terms and Integration Still Undisclosed
The source report gives the transaction’s $160 million enterprise value but does not state when the acquisition closed, whether any regulatory approvals or other conditions applied, or how the purchase was financed. It also does not describe whether Phelps will retain its name, leadership, workforce or existing customer arrangements.
Neither company provided specific targets for revenue or cost benefits from the acquisition, nor a timeline for cross-selling, new products or integration. i-Tail’s stated ambition of up to $1.5 billion in annual revenue by 2030 remains a company goal; the report does not quantify the acquisition’s expected contribution.
Integration and Sales Plans to Follow
The next developments to watch are any company disclosures on transaction completion, leadership and operating arrangements, along with plans for Phelps’ Illinois and Wisconsin facilities. Further information could clarify how the businesses will coordinate manufacturing, customer relationships and product development.
i-Tail and Phelps have identified cross-selling and exploration of new categories as potential areas of cooperation. The companies have not announced a timetable or named specific products or customers tied to those plans. i-Tail’s future financial updates may show how the acquired business contributes to its sales, but no post-acquisition results are available in the source report.
Key Questions
What did i-Tail acquire?
i-Tail acquired Phelps Pet Products, a US contract manufacturer of pet treats and specialty pet nutrition products.
How much was the acquisition worth?
The reported enterprise value was $160 million, or about €139 million. Other transaction terms were not provided in the source report.
Where does Phelps Pet Products manufacture its products?
Phelps operates manufacturing facilities in Illinois and Wisconsin. The report does not state whether those operations will change under i-Tail’s ownership.
Why did i-Tail buy Phelps?
i-Tail said the deal expands its treat and specialty nutrition portfolio, strengthens its supply network and establishes manufacturing operations in its largest market, the United States. The companies also cited potential cross-selling and new-category opportunities.
When will the companies integrate their products or operations?
The source report did not give an integration schedule, announce specific joint products or describe operational changes. Those details remain undisclosed.
Source: globalpetindustry.com
