NEW ALBANY, Ohio – Bob Evans Farms, Inc. announced plans Wednesday to sell Bob Evans Restaurants while also purchasing Pineland Farms Potato Company.
In a statement, the Ohio-based company said Golden Gate Capital, a private equity firm, will acquire the restaurants for $565 million. A company spokesperson said this move will not affect Bob Evans Restaurants.
Additionally, Bob Evans Farms purchased Pineland Farms Potato Company for $115 million. With this purchase, Bob Evans Farms said it will focus its attention on refrigerated dishes and pork products.
“The sale of Bob Evans Restaurants enables us to concentrate exclusively on BEF Foods, our fastest growing and most profitable segment,” said Saed Mohsen, president and CEO of Bob Evans Farms.
Golden Gate Capital has multiple investments in the food industry, including Red Lobster and On the Border Mexican Grill & Cantina. The company also has investments in Eddie Bauer and Payless ShoeSource.
The deals are expected to close by the end of April.