COLUMBUS, Ohio- Bob Evans Farms Inc. says it will sell all its restaurants to transition its focus exclusively into its foods business, i.e. pre-packaged and refrigerated foods.
Golden Gate Capital will acquire the restaurants for $565 million plus assumption of certain net working capital liabilities. After certain debts and expenses are paid, the net proceeds are expected to be between $475 and $485 million, the company said in a press release.
The New Albany-based company will then purchase Pineland Farms Potato Company for $115 million. The company says that price may increase up to $25 million if certain financial marks are achieved within a two-year period after closing.