US: Yoghurt maker Chobani secures investment from TPG Capital
Chobani wants to expand business
Chobani, the US-based yoghurt producer, has secured investment of US$750m from private-equity group TPG Capital to "fund future growth".
The privately-owned maker of Greek-style yoghurt announced the investment last night (23 April) after weeks of speculation over the future ownership of the business.
Chobani said the capital had come from TPG Capital and its "dedicated credit platform" TPG Opportunities Partners.
A report in The New York Times, citing unnamed sources, said TPG Capital is also receiving warrants that could see the private-equity firm take a stake in Chobani of up to 35% of the business. The warrants become equity if Chobani hits certain goals, the newspaper said. Chobani, formed in 2005 and now generating sales of over US$1bn a year, is hoping to go public as early next year, The New York Times added.
When contacted by just-food, Chobani refused to be drawn on the report. "We’re not commenting beyond the release that was issued today," a spokesperson said.
Hamdi Ulukaya, Chobani's founder and now its CEO and chairman, said the investment from TPG Capital would allow it to continue its expansion. "This investment gives us additional resources to build on our momentum, fund our exciting new innovations and reach new people," Ulukaya said.
The investment will see TPG get "representation" on the Chobani board. Ulukaya will be chairman, although there was no information on the plans for the CEO post at Chobani. When asked by just-food, Chobani declined to comment.
TPG co-founder Jim Coulter said: "Hamdi and the team at Chobani have in seven years turned the vision of bringing a quality, nutritious Greek Yogurt to America into a highly successful business. We look forward to Chobani's future growth and expansion of the brand by bringing the skills we have developed in helping build companies like [apparel retailer] J. Crew and [department store group] Neiman Marcus."
Last week, Chobani announced plans to move into new food categories in the US. It also said it had expanded into new markets in Asia and Latin America.
The report provides a review of the latest news and key events in the global dairy food market during December 2013. Summary Using this report, marketers will effectively gain an insight into the lat...
Synopsis Using this report, marketers will effectively gain an insight into the latest happenings in the global dairy food market throughout the month. The monthly report provides the reader with the...
Having registered unit volume growth of 6% in 2012 due largely to a trend towards smaller pack sizes that offer the benefits of “portion control”, unit volume growth in dairy packaging slipped to 3% i...
The Greek yoghurt trend continues to sweep the US, helping yoghurt packaging to grow by 4% in 2012. No longer is Greek yoghurt a niche product found only in healthfood stores, it is now a mainstream p...
- Unilever must "speed" response to consumer trends
- What the analysts say: Unilever's mixed 2014
- Premier Foods CEO expects UK supermarket rebound
- Briefing: The risks and rewards of e-tail in China
- Why US diet guidelines should consider environment
- Unilever revenues disappoint as food sales fall
- Findus: "No sale process underway" in UK
- Lifeway Foods CEO denies sale talks
- Hovis CFO Michael Kennedy exits
- Weston Foods acquires Creative Occasions
- 10 Key Trends in Food, Health and Nutrition 2015
- The Sugar Backlash and its Effects on Global Consumer Markets
- The Future of Retailing in the UK to 2017
- Global Consumer Trend Framework: Understanding Attitudes and Behaviors that Influence Global Consumption Habits
- Meat Substitutes Market - Global Trends, Forecasts up to 2019