George Hiotis

Bob Evans Sells Restaurant Division

by George Hiotis on January 25, 2017 at 4:44 am

Bob Evans Farms Incorporated is selling off its restaurant division. The New Albany, Ohio-based company says its 500 restaurants have been acquired by Golden Gate Capital for 565-million dollars and the assumption of up to 50-million in liabilities. As part of the deal, proceeds will be used to pay down debt amounting to 150-million dollars. The move allows Bob Evans to focus on their line of refrigerated dinner side dishes and sausage products in Midwest markets. Bob Evans also announced they are acquiring Pineland Farms Potato Company. Both the sale of the restaurants and the purchase of Pineland Farms is expected to be completed by the end of April. Golden Gate Capital is a San Francisco-based farm that also represents Red Lobster and California Pizza Kitchen.