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Chobani Raises $750 Million In Capital
New Berlin, New York ( KMVT-TV / KSVT-TV ) - Chobani announced Wednesday that it has secured a $750-million investment from TPG Capital a leading global private investment firm and TPG opportunities partners. The money 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, Chobani founder and Chief Executive Officer will serve as Chairman. Ulukaya said, "Chobani has experienced tremendous growth”.
"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.