collected by :John Locas
Bob Evans sells off restaurants to owners of Red Lobster NEW ALBANY, Ohio — Bob Evans Farms, Inc., has sold its restaurants to a private equity firm that owns Red Lobster, California Pizza Kitchen, and Payless Shoe Source, among other companies.
The private equity firm buying the Bob Evans Restaurants is Golden Gate Capital, based in San Francisco, which bought Red Lobster restaurants in 2014, said NRN.
There are seven Bob Evans restaurants in the Grand Rapids area, Muskegon, Holland, Kalamazoo, and Battle Creek.
The company will keep the part of its business, BEF Foods, that sells Bob Evans branded products in stores.
The restaurant part of the business has been struggling, with a decline in recent sales figures, reports Nation’s Restaurant News.
Bob Evans sells restaurants division, which goes private
The Bob Evans Restaurants division will be taken private in a sale to a private equity firm.
One of the Bob Evans family restaurants that goes private in sale (Photo: Bob Evans Farms)Bob Evans Farms, which operates a 523-unit chain of family dining eateries in the nation’s heartland, said Tuesday that it is splitting up its two major businesses.
Bob Evans Farms shares closed at $47.95, down 19 cents or 0.39%.
“The steps we took today are the transformation of Bob Evans,” said CEO Saed Mohseni in an interview.
BEF Foods is not only the fastest growing part of Bob Evans, but the most profitable, Mohseni says.