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Chobani Raises $750 Million In Capital From TPG To Fund Future Growth
|By PR Newswire
|April 23, 2014 04:08 PM EDT
NEW BERLIN, N.Y., April 23, 2014 /PRNewswire/ -- Chobani, maker of America's #1 selling Greek Yogurt, announced today 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, New York, and at its one-million-square-foot production facility in Twin Falls, Idaho. 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.
Maker of America's No. 1–selling Greek Yogurt brand, Chobani was founded on the belief that people have great taste — they just need great options. Chobani produces high-quality authentic strained Greek Yogurt products made with only natural ingredients from its New Berlin, N.Y., and Twin Falls, Idaho, plants. Chobani is committed to using milk from regional-area farms and strengthening its surrounding local economies. Chobani gives 10 percent of its annual profits to charities worldwide through the company's charitable foundation. All Chobani products — including Chobani® Greek Yogurt, Chobani Flip™ and Chobani Simply 100™ — are kosher certified, contain five live and active cultures, and are made with milk from cows not treated with rBST*, with most of its products offering two times more protein than regular yogurt. Chobani products are available nationwide in the U.S., Australia and in countries in Asia and Latin America. For more information, please visit www.chobani.com and www.facebook.com/chobani.
* According to the FDA, no significant difference has been found between milk derived from rBST-treated and non-rBST treated cows.
 Protein content of regular nonfat yogurt is 10g-13g protein per 8 oz. serving; nonfat Chobani Greek Yogurt contains 11g-14g protein per 5.3 oz. serving.
TPG is a leading global private investment firm founded in 1992 with over $59 billion of assets under management and offices in San Francisco, Fort Worth, Austin, Houston, Beijing, Chongqing, Hong Kong, London, Luxembourg, Melbourne, Moscow, Mumbai, New York, Paris, São Paulo, Shanghai, Singapore and Tokyo. TPG Opportunities Partners is the dedicated credit platform of TPG. TPG has extensive experience with global public and private investments executed through leveraged buyouts, debt financings, recapitalizations, spinouts, growth investments, joint ventures and restructurings. The firm has extensive consumer and retail expertise with investments in Beringer Wines, Burger King, Del Monte Foods, Gelson's Markets, J.Crew, Lenta, Neiman Marcus, Petco, Savers and Wumart, among others. For more information visit www.tpg.com.
Owen Blicksilver PR, Inc.
SOURCE Chobani, LLC
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