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Photo: <a href="http://www.flickr.com/photos/50546088@N00/7212923168/">Chris Barker</a>, Creative Commons, Some rights reserved.
Photo: Chris Barker, Creative Commons, Some rights reserved.

Chobani secures $750M investment from TPG

NEW BERLIN, N.Y. (AP) Greek yogurt maker Chobani has secured a $750 million investment from investment firm TPG Capital to help fund its growth.

The privately-held food company said Wednesday that as part of the deal, TPG will have representation on the company's board. Additionally, Chobani founder and CEO Hamdi Ulukaya will serve as its chairman.

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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. The company says the investment gives it resources to build on its momentum and reach more customers.

TPG says it plans to bring the same skills to developing Chobani that it has to other companies it has invested in, such as J. Crew and Neiman Marcus.

Copyright 2014 The Associated Press. All rights reserved

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