Chobani LLC at the end of June said it secured a minority investment from the Healthcare of Ontario Pension Plan (HOOPP). As a result, TPG Capital, a global alternative investment firm, exited its investment in the company. Terms of the deal were not disclosed, although HOOPP will be given one board seat as part of its investment.
Early in 2014, TPG invested $750 million in the upstart yogurt company. Details did not come from either company, but the New York Times at the time said TPG was receiving warrants that could allow it to obtain as much as 35 percent ownership in Chobani.
"In HOOPP, we've found a partner that sees the world the way we do," said Hamdi Ulukaya, founder and CEO of Chobani – which was Food Processing's 2012 Processor of the Year.
Chobani recently celebrated its 10th year as a national brand. In April 2016, Ulukaya began issuing shares of the company to employees – at that time, an estimated 10 percent. "The structure of the new investment will also provide Ulukaya and [his] employees an opportunity to increase their equity position by as much as 10%, bringing the total equity controlled by them to as much as 90%," the company statement said.