Chobani, maker of America's number-one-selling Greek yogurt, announced that it has secured a $750 million investment from TPG Capital, a leading global private investment firm and TPG Opportunities Partners, its dedicated credit platform, which will help fund future growth, expansion and innovation at the Company. As part of the transaction, TPG will have representation on the Company's Board of Directors, and Hamdi Ulukaya will serve as chairman.
Hamdi Ulukaya, founder, chief executive officer and chairman of Chobani, stated: "Chobani has experienced tremendous growth and leads one of the most exciting aisles in the supermarket. This investment gives us additional resources to build on our momentum, fund our exciting new innovations and reach new people. Most importantly, it positions us to further deliver on our vision to provide better food for more people."
Ulukaya added: "TPG's commitment represents a belief in our vision and further validates the strength of our brand and business. We're excited to embark on this next phase with TPG."
"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," said Jim Coulter, co-founder, TPG. "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 J. Crew and Neiman Marcus."
Founded in 2005, Chobani's Greek yogurt is produced in New Berlin, N.Y., and at its one-million-square-foot production facility in Twin Falls, Ida. As the leader in Greek yogurt, Chobani's 2013 revenues exceeded $1 billion. Chobani uses milk from local-area farms and also gives 10 percent of its annual profits to charities worldwide, including through the Chobani Foundation, the company's charitable arm.
BofA Merrill Lynch served as financial advisor and Kirkland & Ellis LLP served as legal advisor to Chobani in this transaction. Ropes & Gray served as legal advisor to TPG.