Chobani Just Landed a $20 Billion Valuation. It’s Still Hungry for Growth

The investment will help fuel the New York City-based company’s continued buildout, namely helping finance growth in its $1.2 billion dairy processing plant in Rome, New York, along with its $500 million expansion plans for its plant in Twin Falls, Idaho. The Rome plant is expected to spur 1,000 new jobs, while the Twin Falls expansion is expected to tack on about 160 new ones.

“This investment means more than just capital — it’s a testament to everything we’ve built,” Hamdi Ulukaya, Chobani’s founder and CEO, told DealBook, which noted that Chobani is on track to clinch $3.8 billion worth of sales this year, up 28 percent compared with last year.

The capital is a notable milestone for the New York City-based company that first opened its doors in 2005, after Ulukaya took out an $800,000 loan from the Small Business Administration. He used the capital to buy an old Kraft factory, which he then fashioned into what would become the company’s first plant dedicated to churning out a thick Greek yogurt packed with protein. Within three years, Chobani became the top yogurt seller in the U.S.

And it’s grown even more since then, now offering creamers and milks—dairy and otherwise—beyond just Greek yogurt. Along the way, Chobani has gone on an acquisition spree as well. It picked up popular coffee maker La Colombe for $900 million in December 2023 and Daily Harvest, well-known for its plant-based frozen smoothies, for an undisclosed amount in May.

Representatives for Chobani did not immediately respond to Inc.’s request for comment.