US: Yoghurt maker Chobani "mulls stake sale"
Chobani has reportedly contacted possible interested suitors
Privately-owned US yoghurt firm Chobani has reportedly approached trade buyers and private-equity firms over the possible sale of a minority stake in the company.
Reuters reported yesterday (10 March) Chobani was working with Bank of America to gauge interest in a stake in the business, which is among the leading companies in the fast-growing Greek yoghurt sector in the US.
Citing anonymous sources, the news agency said Chobani's management, led by founder and CEO Hamdi Ulukaya, was mulling selling around 20% of the company. Ulukaya set up Chobani in 2005 and launched its first products two years later.
Chobani spokespeople had not returned a request for comment at the time of writing.
Greek yoghurt has been one of the most notable recent success stories in the US food sector, with the category driving the growth of the overall sector.
Chobani has faced growing competition from the likes of Danone and General Mills. In February, Danone CEO Franck Riboud claimed the French group had been able to gain ground on Chobani and was now "joint number one" in the sector.
As well as the US, Chobani has entered the UK and Australia. It has endured a rocky start to life in the UK, with a court battle over the use of the term 'Greek yoghurt' in the country.
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