Additionally, free web personalization tools have been provided via the AudioEye Toolbar, which may be enabled from the Accessibility Statement link found on this page. Chobani is a food maker with a mission of making high-quality and nutritious food accessible to more people, while elevating our communities and making the world a healthier place. In support of this mission, we are a values-driven, people-first, food-and-wellness-focused company, and have been since Hamdi Ulukaya, an immigrant to the U.
We produce yogurt, oatmilk, dairy and plant-based creamers, ready-to-drink coffee and plant-based probiotic drinks. Chobani yogurt is America's No. Chobani uses food as a force for good in the world — putting humanity first in everything we do. Our philanthropic efforts prioritize giving back to our communities and beyond: working to eradicate child hunger, supporting immigrants and refugees and underrepresented people, honoring veterans, and protecting the planet.
We manufacture our products in New York, Idaho, and Australia. Chobani products are available throughout North America and distributed in Australia and other select markets. In , Hamdi took a loan from the Small Business Administration, bought an old yogurt plant, and brought a small group of passionate individuals together to make the real, wholesome yogurt that he remembered from his childhood. The push for an IPO comes as Chobani is moving to become more than just a yogurt company that makes dairy products, but also plant-based foods that have been increasingly embraced by consumers for health and environmental reasons.
Chobani has 2, employees across the United States. In addition to its upstate New York plant, which is located in the town of New Berlin, it also operates a factory in Twin Falls, Idaho, which is considered the largest yogurt plant in the world at one million square feet. In , employees at both facilities were awarded shares in the company, and hires since then have also been granted potential ownership stakes, which kick in if and when the company is sold or goes public.
The situation is slightly different than the stock programs at other Capital Region companies such as Price Chopper and Stewart's Shops, which have employee stock ownership plans, or ESOPs, that hold company stock in a retirement account for employees with special tax benefits.
His staff pulled all-nighters to keep up with orders. It was a learning process. Instead, he opted to finance his growth with bank loans and by reinvesting all profits. Our ability to grow without reliance on external investors. That means I can run the company the way I choose—and plan for its future without pressure from outsiders.
His next step was to build a massive new facility in Twin Falls, ID to expand the product line and be closer to the West Coast. The factory was financed with a bank line of credit. The company faced a liquidity crunch and needed new capital quickly. Ulukaya looked for a minority investor and started a conversation with private equity firm TPG.
As time started running out for Chobani, the deal structure changed from preferred equity to a second lien loan. TPG's rationale was straightforward: They saw fixable problems in operations and sales weighing on a strong brand in a fast-growing market segment. Chobani could add to its senior staff including experienced operational 'fixers' from large incumbents like Walmart , remedy inefficiencies and waste at the new plant, and achieve significant margin upside.
We already know that Ulukaya was no fan of private equity. And it seems that he quickly tired of having TPG as his major minority shareholder. In , he gave 10 per cent of the equity to his 2, employees. With a high publicity move, he reduced their influence in his company. And it seems they owe some of their luck to his wrangling with the firm that pressed a hard bargain when he had his back to the wall. Oh, here's the kicker for the deal nerds among you: TPG's deal memo is on Scribd.
I come and go between those two. You see something and it reminds you of home. It could be a light, a taste, a song. I personally believe, at Chobani, we are all factory workers. Our plants are the core of what we do. Fast Company profile. TPG's deal memo. Fortune profile. Click the link we sent to , or click here to log in.
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