Owner of The Icelandic Milk and Skyr Corporation Siggi Hilmarsson, whose products have taken the US market by storm, is working with investment bank JPMorgan on a possible sale of the company, CNBC reports.
Skyr is a traditional Icelandic dairy product similar to strained yogurt which has been made in Iceland for over one thousand years. It’s popularity has since risen steadily among health-conscious eaters worldwide due to its non-fat, high protein, and low sugar content.
The Icelandic Milk and Skyr Corporation was founded by Siggi Hilmarsson in 2006 after he moved to the US from Iceland to attend Columbia Business School. In 2014, Siggi’s skyr was being sold in 40,000 stores across the US.
The company expects to generate USD 200 million (ISK 21 billion/EUR 170 million) in sales next year and is currently growing at a rate of 50 percent. Information on the possible sale originates from an unnamed source.