Golden Gate Capital has closed its previously announced acquisition of Bob Evans Restaurants, a Columbus, Ohio-based restaurant chain. No financial terms were disclosed; however, previous reports tagged the price of the transaction at $565 million.
NEW ALBANY, OH – May 1, 2017 – Bob Evans Restaurants (“Bob Evans” or “the Company”) today announced the successful completion of the Company’s previously announced acquisition by an affiliate of Golden Gate Capital from Bob Evans Farms, Inc. (NASDAQ:BOBE). Chief Executive Officer Saed Mohseni will continue to lead the Company, which will remain headquartered in the greater Columbus, Ohio area. The Company owns and operates 523 restaurant locations.
Josh Cohen, a Managing Director at Golden Gate Capital, said, “Bob Evans Restaurants is exactly the type of business in which we seek to invest – one with a treasured brand, deep customer loyalty and a talented leadership team. We have long been admirers of the sense of community that Bob Evans Restaurants has fostered among its guests for nearly 70 years, and we are excited for the opportunity to partner with Saed and the Bob Evans management team to build on that legacy as the Company enters its next phase of growth.”
Mr. Mohseni said, “I am extremely proud of the dedication and enthusiasm that the Bob Evans Restaurants team has shown in creating highly satisfied guests. We are excited to combine our strengths with the extensive industry experience and resources of the Golden Gate Capital team as we build on the rich heritage of our founder, Bob Evans. I look forward to working closely with Golden Gate Capital as we continue to provide our guests with the warm hospitality and farm-fresh quality that are the hallmarks of every Bob Evans Restaurants meal.”
Neale Attenborough, an Operating Partner at Golden Gate Capital, said, “We are excited to partner with Saed and his team to accelerate the Company’s strategic initiatives and help Bob Evans Restaurants increase their momentum. We have every confidence that as a standalone company, Bob Evans Restaurants will be laser focused on driving the business to thrive in the family dining space and remain a beloved destination for its guests.”
About Bob Evans Restaurants
Bob Evans Restaurants is a chain of family dining restaurants founded and headquartered in Columbus, Ohio. The company owns and operates 523 family restaurants in 18 states, primarily in the Midwest, mid-Atlantic and Southeast regions of the United States. Bob Evans believed in treating strangers like friends and friends like family; and those principles are alive today at every Bob Evans Restaurant. Bob Evans Restaurants is focused on providing quality food and hospitality to every guest at every meal, each and every day. For more information about Bob Evans Restaurants, visit www.bobevans.com.
About Golden Gate Capital
Golden Gate Capital is a San Francisco-based private equity investment firm with over $15 billion of capital under management. The principals of Golden Gate Capital have a long and successful history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. Representative restaurant/retail investments sponsored by Golden Gate Capital include Red Lobster, California Pizza Kitchen, On The Border Mexican Grill & Cantina, Eddie Bauer, Express, Pacific Sunwear and Zales.