Frozen yogurt shops or "FroYo" have exploded in many cities and towns in the US. Private equity firms are the reason for their rapid growth. According to a CNBC report, private equity companies gave support to the "FroYo" industry starting in 2007.

Some examples of investment firms that have placed a stake in frozen yogurt are the CIC Partners' stake in Red Mango and Boxwood Capital Partners investment in Sweet Frog. Maveron also has a stake in Pinkberry. Meanwhile, the Carlyle Group had a stake in The Country's Best Yogurt (TCBY). Carlyle later sold its ownership to Z Capital Partners, another investment firm. TCBY is the largest frozen yogurt company in the US in terms of market share.

"FroYo" is an alternative to ice cream and other high-calorie dessert foods. Shops also enable customers to self-serve, allowing them to control their portions.

According to CNBC, the US FroYo industry posted USD 800 million in revenues for 2013. The stores were able to employ over 3,000 people and paid USD 65.9 million in wages.