i-Tail Corporation Public Company Limited (ITC), a global leader in pet food manufacturing, has completed the acquisition of U.S.-based Phelps Industries, LLC (Phelps Pet Products) for an enterprise value of USD 160 million. The move significantly strengthens i-Tail’s foothold in the United States—its largest market—while expanding its operational footprint with dedicated domestic production facilities.
The transaction combines Phelps’ established expertise in canine nutrition, air-dried food technology, and jerky-style treats with i-Tail’s global leadership in premium wet cat food. Beyond product diversification, the deal establishes local manufacturing hubs in Illinois and Wisconsin, enhances supply chain resilience, and expands customer access across established retail and distribution networks in North America.
Roy Chan, Chief Executive Officer of i-Tail Corporation, noted that the growing pet humanization trend continues to accelerate demand for specialized snacks and premium functional nutrition. He emphasized that Phelps’ complementary portfolio and manufacturing assets integrate seamlessly into i-Tail’s strategic roadmap, serving as a critical catalyst toward achieving the company’s aspirational revenue target of USD 1.5 billion by 2030.
Rick Ruffolo, Chief Executive Officer and President of Phelps Pet Products, highlighted that joining i-Tail opens new avenues for innovation and cross-selling. Combining Phelps’ regional presence and clean-label development capabilities with i-Tail’s global reach enables both entities to co-develop next-generation products and support brand partners in capturing broader market share under shared standards of sustainability.
Treats remain a primary growth engine for i-Tail, generating 20% of the company’s total pet food sales in the first half of 2026. Reflecting strong consumer demand for functional, bonding-oriented products, i-Tail rolled out over 400 new items between January and June alone.
Founded in 1966, Phelps Pet Products has established itself as a premier U.S. contract manufacturer known for clean-label, protein-first treats and specialty nutrition. The company posted net sales of USD 70.3 million in 2025, supported by a compound annual growth rate (CAGR) of 25.6% from 2023 to 2025. In this transaction, Nomura served as the sole financial advisor to i-Tail, with Kelley Drye & Warren LLP providing legal counsel.
