Chobani receives $750m loan from private equity firm TPG

US-based Chobani has secured a $750m loan from private equity firm TPG, which will improve the cash reserves of the Greek yoghurt company.

The TPG investment, which comes in the form of a second lien loan, includes warrants that could give the private equity firm an ownership stake of between 20% and 35% in the future.The warrants are expected to be exercised in an IPO, which is expected to be held in 2015, according to people familiar with the matter.

Commenting on the latest development, Chobani president and CEO Hamdi Ulukaya said, "This investment gives us additional resources to build on our momentum, fund our exciting new innovations and reach new people."

Last month, Reuters reported that Chobani had hired Bank of America to divest a minority stake in the company and had spoken to private equity firms and consumer companies to gauge their interest.

Chobani, based in Norwich, New York, is currently run by founder Hamdi Ulukaya, and it reported 2013 annual revenues of more than $1bn.

The company produces Greek-style yoghurt products that are kosher-certified, gluten free, low in lactose, and free of preservatives or artificial flavours.