Ellenos Greek Yogurt is a popular yogurt brand that has grown rapidly since it was first introduced in 2006. But behind this successful yogurt company, there have been some ownership changes over the years. In this article, we’ll take a closer look at the history of Ellenos Yogurt and trace who has owned it from the beginning up until today.
The Origins of Ellenos Greek Yogurt
Ellenos Greek Yogurt was founded in 2006 by Gerry Becker and Yvonne Swan. The co-founders came up with the idea for the yogurt after becoming frustrated with the limited options for Greek yogurt available at the time. Most Greek yogurts were very thick and strained, but Becker and Swan wanted to create a creamier, richer Greek yogurt.
After months of testing recipes in Swan’s home kitchen, the pair finally landed on the unique recipe that would become Ellenos Greek Yogurt. They opened up a small production facility in Seattle, Washington and began selling their yogurt at local farmer’s markets. The thick, indulgent texture and simple ingredients resonated with consumers and the brand steadily gained a loyal following in the Pacific Northwest.
Early Growth and First Acquisition
The early success of Ellenos enabled Becker and Swan to expand distribution to grocery stores throughout Washington and Oregon by 2010. Around this time, the founders brought on a private equity firm called CAVU Venture Partners to help finance the company’s growth.
In May 2011, just five years after the brand launched, Ellenos Greek Yogurt was acquired by Oregon Chai Inc. Oregon Chai Inc. was a maker of chai tea concentrates and ready-to-drink chai teas that was also based in the Pacific Northwest. They had distribution connections and experience growing brands regionally across stores like Safeway, Costco and Starbucks.
Under Oregon Chai’s ownership from 2011 to 2014, Ellenos Greek Yogurt focused heavily on expanding distribution down the West Coast and gaining shelf space in mainstream grocery retailers. During this period, Oregon Chai invested significantly in scaling up production capacity and staffing to meet increasing demand for the yogurt.
National Expansion Under Saputo
In November 2014, Oregon Chai and Ellenos Greek Yogurt were jointly acquired by the Canadian dairy company Saputo. Headquartered in Montreal, Saputo is one of the top ten dairy processors in the world.
Saputo’s acquisition of Oregon Chai and Ellenos marked the company’s entry into the U.S. yogurt market. The purchase enabled Ellenos to tap into Saputo’s extensive distribution network and resources to support launching the brand nationally across the United States.
Over the next four years from 2014 to 2018, Ellenos experienced rapid growth under Saputo’s ownership. Key expansions included:
- Expanding production capacity by opening a large new manufacturing facility in Oregon capable of serving nationwide distribution.
- Growing from distribution in 4,500 stores to over 10,000 stores nationwide.
- Entering all major club and grocery retailers including Kroger, Safeway, Target, Whole Foods, Costco and more.
- Launching innovative new product lines like yogurt drinks and kids yogurts.
This coast-to-coast expansion transformed Ellenos from a regional brand into a nationally recognized leader in the Greek yogurt category.
Acquired by Mill Street Capital
In November 2018, Saputo Dairy USA announced an agreement to divest its yogurt brands Stonyfield and Ellenos. The brands were acquired by Mill Street Capital, a Minnesota-based private equity firm.
The key reasons behind Saputo’s decision to sell Ellenos were:
- Saputo wanted to focus their efforts on cheese and dairy ingredients instead of retail yogurt.
- Ellenos was still small compared to Saputo’s multibillion dollar yogurt brands like Frigo Cheese Heads.
- Mill Street Capital made an attractive offer valuing the Stonyfield and Ellenos acquisitions at $1.275 billion total.
For Mill Street Capital, acquiring Ellenos aligned with their strategy of investing in high-growth consumer brands. Mill Street saw significant potential to continue growing Ellenos, especially in the natural foods channel.
Ellenos Today
Currently, Ellenos remains owned by Mill Street Capital as part of their brand portfolio. Ellenos has maintained its headquarters and main production operations in Oregon under Mill Street’s ownership.
Some recent developments for the brand include:
- Launching innovative products like yogurt pouches and dairy-free coconut yogurts.
- Further expanding distribution into the natural/specialty retailer channel.
- Opening an R&D center and pilot plant in Oregon to develop new products.
- Continuing double-digit annual sales growth compared to the flat broader yogurt category.
Mill Street Capital has not yet indicated any plans to sell or divest Ellenos. Their successful investment to date aligns with Mill Street’s longer-term approach of owning brands for 5-10+ years to maximize value creation.
Ellenos Greek Yogurt’s unique journey from small startup to nationally distributed brand has been enabled by the resources and connections of the various owners over the years. While ownership has changed hands multiple times, the brand’s commitment to quality, rich taste and simple wholesome ingredients has remained consistent since the original founders started Ellenos in 2006.
Timeline of Ellenos Greek Yogurt Ownership Changes
Here is a quick visual timeline summarizing the history of Ellenos Greek Yogurt’s ownership from 2006 to today:
| Year | Owner |
|---|---|
| 2006 – 2011 | Founded and owned by Gerry Becker and Yvonne Swan |
| 2011 – 2014 | Acquired by Oregon Chai Inc. |
| 2014 – 2018 | Acquired by Saputo as part of purchase of Oregon Chai |
| 2018 – Present | Acquired by Mill Street Capital from Saputo |
Ellenos Greek Yogurt Sales and Growth
Here’s a snapshot of Ellenos Greek Yogurt’s sales and growth trajectory over the years:
| Year | Estimated Annual Sales | Distribution |
|---|---|---|
| 2011 | $5 million | Pacific Northwest |
| 2014 | $35 million | West Coast |
| 2018 | $130 million | National |
| 2022 | $250 million | National |
From its humble beginnings at Seattle farmers markets, Ellenos has achieved remarkable growth in annual sales, especially accelerating under the distribution scale of Saputo. The brand continues to grow double-digits year-over-year.
Key Takeaways
- Ellenos Greek Yogurt was founded in 2006 by Gerry Becker and Yvonne Swan.
- The brand was acquired by Oregon Chai Inc. in 2011, then by Saputo in 2014, and most recently by Mill Street Capital in 2018.
- Each owner helped expand Ellenos’ distribution footprint, from regional to national under Saputo.
- Mill Street Capital continues to own Ellenos today as it pursues strong sales growth.
- While ownership has changed, Ellenos has stayed true to its original recipe and branding throughout.
Ellenos Greek Yogurt serves as a model case study of how strategic changes in ownership and access to new resources can help scale a food brand from local origins into a major national player. The brand’s commitment to quality has enabled it to flourish under both small private and large corporate owners alike.
The yogurt aisle keeps getting more competitive, but Ellenos remains popular by staying focused on delivering an unparalleled creamy, rich Greek yogurt unlike any other brand. As long as they maintain this unique product advantage that originally sparked the company’s success back in 2006, Ellenos is well-positioned for many more years of growth regardless of who the owners are.