i-Tail Corporation, a subsidiary of Thailand’s seafood giant Thai Union, has acquired US-based pet-treats manufacturer Phelps Pet Products.
The transaction was completed for an enterprise value of USD 160 million.
In a filing with the Stock Exchange of Thailand on October 26, Thai Union said the investment was made through the subsidiary’s i-Tail America unit in Pet Treat Holdings (PTH), the parent company of Phelps Industries.
As a result of the transaction, both PTH and Phelps have become indirect subsidiaries of Thai Union, which holds a 79.30% stake in i-Tail Corporation.
Thai Union said in the filing that the objective of the deal was to expand the group’s business opportunities in the US.
Contract manufacturer of specialty meat-based dog treats
Established in 1966, Phelps operates as a contract manufacturer of specialty meat-based ‘jerky’ dog treats, working with retailers and pet-food brands in the US, Canada and other regions.
According to its website, the company has more than 150 employees and operates manufacturing facilities in Rockford, Illinois, and Janesville, Wisconsin. Last year, it generated net sales of USD 70.3 million.
Expanding i-Tail Corporation’s presence in the treats and specialty pet-nutrition segments
In a separate statement, i-Tail Corporation said the acquisition will expand its presence in the treats and specialty pet-nutrition segments by combining Phelps’ portfolio of air-dried foods and jerky-style dog treats with its own premium wet cat food.
Treats are an important growth driver for i-Tail Corporation, accounting for 20% of its total pet-food sales in the first half of 2026, the company said.
The deal also establishes a physical manufacturing presence in the US, i-Tail Corporation’s largest market. The company also expects the transaction will support its supply network and add a complementary customer base across retail channels.
“As pet owners increasingly treat their pets as family, demand continues to grow for a wider range of treats, snacks, and innovative pet-food solutions,” i-Tail CEO Roy Chan said.
“Phelps is a strong strategic fit for i-Tail, bringing differentiated products, expertise, and market capabilities that complement our strengths and deepen our presence in one of the world’s largest pet-food markets.”
He further added that the deal supports i-Tail Corporation’s aspirational target of reaching up to USD 1.5 billion in annual revenue by 2030.