I-Tail, a leading global pet food manufacturer, has completed the acquisition of Phelps Industries LLC, commonly known as Phelps Pet Products, for an enterprise value of $160 million.
The acquisition by the Thailand-based company expands its presence in treats and specialty pet nutrition, combining Phelps’s specialization in dog nutrition and its portfolio of air-dried foods and jerky-style pet treats with I-Tail’s leadership in premium wet cat food. Founded in 1966, Phelps Pet Products is a US contract manufacturer of pet treats and specialty pet nutrition, operating manufacturing facilities in Illinois and Wisconsin. In 2025, the company generated $70.3 million in net sales, achieving a compound annual growth rate of 25.6% between 2023 and 2025.
Roy Chan, I-Tail CEO, commented: “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”.”
Rick Ruffolo, CEO and president of Phelps Pet Products, stated: “Both companies have a decades-long history of serving the pet industry, being leaders in certified sustainable manufacturing and sourcing practices, and providing innovative products to our customers”.
Pet treats represented 20% of I-Tail’s total pet food sales in the first half of 2026. The transaction supports I-Tail’s target of reaching up to USD 1.5 billion (£1.18 billion) in annual revenue by 2030.
Source: I-Tail
