Chobani is positioning itself for an IPO later this year that it hopes would value the Norwich, N.Y., company at as much as $7 billion to $10 billion. The company was founded in 2005 by Hamdi Ulukaya who had bought a plant in the town of South Edmeston, New York, that was being closed by Kraft Foods [$KHC]. Ulukaya hired several of the former Kraft employees as well as a “yogurt master” and launched his brand in 2007.
As you probably know, Chobani slangs thick, Greek-style yogurt with a higher protein content than traditional yogurt and is one of the main companies to give mass appeal to this style of yogurt in the US. The company has also expanded to non-dairy, plant-based products such as dairy-free vegan yogurt and oat milk. How TF Did Pinterest Add 100 Million Users in 2020?
The company is the top-selling Greek yogurt brand in America and operates the largest yogurt facility in the world. Its products include a variety of Greek, or strained, yogurt cups, flips, drinks, and children’s snacks, as well as plant-based products made with organic oats or coconut.
Nowadays, the 16-year-old company has been expanding into faster-growing segments such as refrigerated coffees, creamer and oat milk, and a capital injection from an IPO could assist in those efforts. It recently hired new executives including CFO Jody Macedonio and Chief Corporate Affairs Officer Cristina Alesci. Wut: PayPal Bullied The Pandy, Here’s The Breakdown
“As we create the food company of the future, we’ll look at all options carefully to fuel our ambitious plans, especially with oat milk and plant-based products,” Mr. Ulukaya mentioned in a statement. “An IPO is definitely one exciting direction but whether or not we’re public, we’ll keep disrupting and making things better.”