NORWICH, NY
Chobani is potentially selling up to 20% stake in the company as it seeks anywhere from a $2.5-$5 billion valuation, according to Reuters and Wall Street Journal.
While sources say an initial public offering is unlikely, the company is working with Bank of America Corp. to gauge interest from consumer companies and private equity firms. Wall Street Journal reports that these discussions are being held to raise capital to “fund new product development ahead of an eventual public offering.”
When asked about a possible IPO, a person close to the company noted, “Nothing is imminent, but it wouldn’t be far, far away either.”
According to Reuters, Chobani once held discussions with banks about a potential IPO, but decided to shift focus citing competition from other Greek yogurt companies.
Founded in 2005 by Turkish immigrant Hamdi Ulukaya and now one of the leading Greek yogurt brands in the U.S., sales rose more than 30% in 2013 to over $1 billion, according to a person familiar with the company.
Stay tuned to DeliMarket TV as we follow this developing story.
Chobani
