Chobani announced that it has secured a $750 million loan from private equity firm TPG Capital, which it intends to use to add new products and expand its markets overseas. As part of the deal, TPG will gain representation on the company's Board of Directors, and Chobani Chairman and Chief Executive Hamdi Ulukaya will serve as Chairman.
“Chobani has experienced tremendous growth and leads one of the most exciting aisles in the supermarket,” said Ulukaya. “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.”
Chobani's 2013 revenues exceeded $1 billion. The company recently began exporting its products to Asia, Latin America, and the Caribbean, and it is launching a range of new products such as its Indulgent dessert line and Greek yogurt with steel-cut oats.