Chobani LLC, the Greek-yogurt maker founded by billionaire Hamdi Ulukaya, is working with Goldman Sachs Group Inc. to explore the sale of a minority stake in the business, according to a person familiar with the situation.
Chobani is looking for an investment from a company that could help increase distribution and production as it looks to meet rising demand for its products, said the person, who asked not to be named because the information is private. The deal may involve a buyout of private equity firm TPG’s stake in the company, the person said.
The U.S. food industry has seen a surge of merger activity this year as larger companies, struggling with slowing growth, look to gobble up smaller brands that have had success with natural, organic or healthier products. Chobani, which Ulukaya has said generates more than $1 billion in annual sales, has had several inquiries from large U.S. food companies and is working with Goldman to handle the process, the person said.
Michael Gonda, a spokesman for Chobani, and Michael DuVally, a spokesman for Goldman Sachs, declined to comment.
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