breaking news

Body discovered in Bethel Twp. prompts death investigation

NEW: Bobs Evans restaurants officially sold


Bob Evans Farms Inc. announced the completion of its sale of Bobs Evans Restaurants to Golden Gate Capital.

Ohio-headquartered Bob Evans sold its restaurant to the private equity firm for $565 million. Golden Gate Capital has bought the restaurant chain, and will retain the Bob Evans leadership team to guide the transition as it takes part of the company private, the company said. Net proceeds are expected to be between $475 million and $485 million, according to a company statement.

» RELATED: 5 things to know about Bob Evans selling restaurants

“We are excited to have successfully completed the acquisition of Bob Evans Restaurants, officially beginning our partnership with this exceptional brand as it enters an exciting new chapter,” said Josh Cohen, managing director at Golden Gate Capital. “We are confident that Bob Evans Restaurants’ heartfelt hospitality and farm-fresh quality are key differentiators in today’s family dining space and we look forward to continuing to work with Saed Mohseni and the rest of the management team to support the organization’s long-term growth.”

» Bob Evans CEO: Restaurants will remain open

The transaction splits the company in half. Bob Evans Farms food division, which makes mashed potatoes, sausage and various side dishes, will become a standalone company. The sale of the restaurant comes months after the company announced it would close 27 locations back in April, including one in Riverside.

Following the completion of these transactions, Bob Evans repaid outstanding indebtedness with proceeds from the sale of Bob Evans Restaurants and established a $300 million credit facility maturing April 28, 2022, according to a company statement.

FIVE FAST BUSINESS READS

• To combat retail apocalypse, local malls push for shopping innovation

• Dayton to celebrate $4 million River Run with music, community bash

• New store at The Greene to have baby piglets at grand opening

• Miamisburg candy store now selling pickle juice soda

• Waffle House co-founder dies a month after business partner



Reader Comments ...


Next Up in Business

Pickle-flavored cotton candy? Ohio candy store to sell new item
Pickle-flavored cotton candy? Ohio candy store to sell new item

Pucker up! Grandpa Joe’s is offering a new pickle-flavored, sweet treat. Grandpa Joe’s, which has locations in Miamisburg and Middletown, just added a new sour treat for candy lovers. Co-owner Tiffany Kelly said customers “love their pickles.” The candy shop saw a surge in popularity after introducing pickle-flavored soda at...
Cordray: DeWine is ‘squishy’ on union issues
Cordray: DeWine is ‘squishy’ on union issues

Ohio unions are under attack and need to be strengthened, Richard Cordray, the Democratic candidate for Ohio governor, told a convention of plumbers and pipefitters in Dayton on Thursday. Cordray brought a message tailor-made for unions to the convention at the Dayton Marriott, essentially rejecting any attempt to establish “right to work&rdquo...
Employees remember Good Sam as a place that felt ‘like home.’ These are their stories.
Employees remember Good Sam as a place that felt ‘like home.’ These are their stories.

Good Samaritan President Eloise Broner said that a decade ago, when she first had the opportunity to work at the hospital, she asked former president Jim Pancoast what she should expect. “I will always remember his response. He said to me, ‘You will be there for one week and it will feel like home. It is a family.’ I will tell you...
Ohio Burger King restaurant gives free burgers to dog dying of cancer
Ohio Burger King restaurant gives free burgers to dog dying of cancer

A Burger King location in Ohio wanted to help a dog dying of cancer enjoy his last days. A Toledo man’s post on Twitter went viral after he shared the story of his dying dog, Cody. The dog was diagnosed with cancer, and was given one to three months to live. The owner has gone to Burger King every day to get the dog a plain hamburger to eat along...
Harry Potter festival coming to Ohio
Harry Potter festival coming to Ohio

The magical world of Harry Potter is coming to Ohio. Ohio-Made Getaways is hosting “A Magical Getaway: Celebrating Potter Palooza” in Lancaster on Aug. 3 and 4. Fairfield County District Library’s community-wide celebration of 20 years of Harry Potter is a two-day getaway with plenty of fun activities for wizards and muggles of all...
More Stories