Rockford, IL and New York, NY, November 5, 2026 - Granite Bridge Partners LLC (“Granite Bridge”) is pleased to announce that it has sold its portfolio company, Phelps Pet Products (“Phelps”), to i-Tail Corporation Public Company Limited (“i-Tail”), a leading global pet food manufacturer and subsidiary of Thai Union Group. The transaction closed on October 22nd.

Founded in 1966, Phelps Pet Products was a successful small regional player during its first 50 years. Over the last decade, Phelps accelerated growth and established itself as a leading U.S. contract manufacturing partner for clean-label, protein-first pet treats, and specialty pet nutrition products. Operating out of their manufacturing facilities in Illinois and Wisconsin, Phelps creates unique innovative products for its prominent retailer and pet food brand partners. Its products can be found in over 50,000 retail stores throughout the United States and Canada, as well as international markets.

“I am grateful for the collaboration and support from Granite Bridge Partners over the last 8 years,” stated Rick Ruffolo, CEO & President of Phelps Pet Products. “True to their name, it was a real partnership as Granite Bridge provided board-level guidance, strategic commitment and growth investment. I thank Ryan Wierck, Peter Petrillo, and the Board for their confidence in the team and for the successful transfer of the company to i-Tail Corporation.”*

During Granite Bridge’s investment period, Phelps’ revenues grew to nearly 6x the revenue level at the time of Granite Bridge’s original investment. Over the same period, Phelps strengthened its position in the pet treats and pet food industry as it grew market share with strong demand for premium pet treats and specialty nutrition products. Phelps’ established manufacturing capabilities, customer relationships, and commitment to product quality positioned it well to capitalize on attractive trends in the market.

“We have taken great pride in the transformation of Phelps Pet Products into a leader in the pet treat space” said Peter Petrillo, Managing Partner of Granite Bridge. “And I laud Rick Ruffolo for his company leadership and my partner, Ryan Wierck, for his Board-level guidance. Their teamwork, coupled with the efforts of so many people at Phelps, led to a wonderful outcome for everyone. I wish Thai Union much success as the new owners of a great company.”

Ryan Wierck, Partner of Granite Bridge added, “We are proud to have partnered with the Phelps team and supported its continued development in the growing pet treats and specialty pet nutrition markets. i-Tail is an excellent strategic partner for Phelps, bringing global reach, complementary product capabilities, and additional resources to support the Company’s next phase of growth. We wish the Phelps team continued success as they begin this exciting new chapter.”

About Granite Bridge Partners

Granite Bridge Partners LLC is a private equity firm focused on control investments in lower middle-market companies in the United States and Canada. Granite Bridge partners with management teams to accelerate growth, strengthen market positions, and create long-term value across its portfolio companies. For more information, visit www.granitebridge.com.

About i-Tail Corporation Public Company Limited

i-Tail Corporation Public Company Limited (SET: ITC), a subsidiary of Thai Union Group, is a leading global pet food manufacturer specializing in high-quality, innovative nutrition products for cats and dogs. With decades of manufacturing experience, the Company develops and produces private-label pet food and treats for leading global brands, leveraging its expertise in product development, manufacturing, and responsible sourcing. For more information, please visit www.i-tail.com.

* Disclosure: Rick Ruffolo was President and CEO of Phelps Pet Products, a former portfolio company of Granite Bridge Private Equity Fund, L.P. Mr. Ruffolo was not and is not an investor in any Granite Bridge fund and was not compensated for this statement. Granite Bridge no longer owns an interest in Phelps.

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