Seafood giant Thai Union has acquired US-based pet-treats manufacturer Phelps Pet Products through its i-Tail Corp. (ITC) subsidiary.
The transaction was completed for an enterprise value of $160m.
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In a filing with the Stock Exchange of Thailand yesterday (26 October), Thai Union said the investment was made through ITC’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 ITC.
Thai Union said in the filing that the objective of the deal was “to expand the group’s business opportunities” in the US.
Established in 1966, Phelps operates as a contract manufacturer of speciality 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 $70.3m.
In a separate statement, ITC said the acquisition will expand its presence in the treats and speciality 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 ITC, accounting for 20% of its total pet- food sales in the first half of 2026, the company said.
The Thai Union subsidiary added that the deal also establishes a physical manufacturing presence in the US, its “largest market”. The company also expects the transaction will support its supply network and add a “complementary customer base” across retail channels.
i-Tail CEO Roy Chan said: “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.
“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’s “aspirational target” of reaching up to $1.5bn in annual revenue by 2030.
Meanwhile, Thai Union expects its full-year sales to grow 4-6% this year, after the group’s revenue fell more than 4% to Bt132.72bn ($3.97bn) in 2025.
The group’s operating profit dropped 11% to Bt7bn, while EBITDA was down 12.2% at Bt12.2bn. Net income fell 3.1% to Bt5.5bn.
