Chobani looking to sell minority stake in the company – Bloomberg

(Reuters)– Greek yogurt maker Chobani is looking to sell a minority stake in the business and is working with Goldman Sachs Group Inc (GS.N), Bloomberg reported, citing a source.

The company, which is battling intense competition in grocery stores, is looking for an investment from a company which could help increase distribution and production, the report said. (bloom.bg/1K8sUSr)

The report said a deal may lead to a buyout of private equity firm TPG’s stake in the company.

TPG [TPG.UL] in April last year invested $750 million in Chobani after it ran into liquidity problems.

Founded in 2005 by Turkish immigrant Hamdi Ulukaya, Chobani started operating from a former Kraft Foods yogurt plant in South Edmeston, New York. Its product became one of the top-selling Greek yogurt brands in the United States.

The company said in January it would name a new chief executive in the first half of 2015.

Chobani was not immediately available for comment outside regular U.S. business hours. TPG declined to comment.