NEW BERLIN, N.Y. — Greek yogurt maker Chobani has secured $750 million from investment firm TPG Capital to help its growth. The privately held food company said Wednesday that as part of the deal, TPG will have representation on the company’s board. Chobani founder and CEO Hamdi Ulukaya will serve as its chairman.
Chobani was founded in 2005 and is based in New Berlin, N.Y. It has grown quickly in recent years on the surge of popularity in Greek yogurt. More recently, however, it has been facing more competition as others jump into the growing Greek yogurt category. Whole Foods said it would stop carrying Chobani to make room for other options.