Chobani, yogurt maker with headquarters in New Berlin, has secured a $750 million investment from TPG Capital, a global private investment firm, and TPG Opportunities Partners, its dedicated credit platform, according to a media release Wednesday.
The investment will help fund growth, expansion and innovation at Chobani, the release from the local firm said.
“TPG’s commitment represents a belief in our vision and further validates the strength of our brand and business,” Hamdi Ulukaya, Chobani founder, said in the release. “We’re excited to embark on this next phase with TPG.”
As part of the transaction, TPG will have representation on the company’s board of directors, and Ulukaya will serve as chairman.
As the leader in the Greek yogurt market, Chobani’s 2013 revenues exceeded $1 billion, the company’s release said. Chobani recently announced plans to increase its product line and expand sales into Asia, Latin America and the Caribbean.
“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.”
RETAILER AT ONEONTA MALL READIES TO OPEN IN LARGER SPACE
At Southside Mall in Oneonta, a space is under renovation to open as a larger rue21 clothing store with a newly introduced rueGuy section, which will offer an expanded men’s department.
The store is operating in a temporary location, but the retailer reports that it will reopen in its new space in May, Luisa Montanti, general mall manager said this week.
According to a rue21 media release 2013 was a pivotal year for the company as it opened its 1,000th store, launched a website, introduced the rueGuy concept and transitioned from a publicly held to a privately owned company.