NEW ALBANY - Bob Evans Farms, Inc is selling off their restaurants to focus on packaged foods.
Golden Gate Capital bought Bob Evans Restaurants for $565 million.
Bob Evans Farms, Inc bought Pineland Farms Potato Company for $115 million.
Both transactions are expected to close at the end of the fiscal year on April 28, 2017.
President Mike Townsley of Bob Evans Farms, Inc released the following statement:
“Following the closing of the Bob Evans Restaurants transaction, Mike Townsley, President, BEF Foods, will assume the role of President and Chief Executive Officer of Bob Evans. Mike joined Bob Evans as president and chief operating officer of Owens Foods, Inc. in June 2003. Mike was appointed President of BEF Foods in June 2008. He also served as co-chief executive officer from December 2014 to September 2015. Mike has been the driving force behind the transformation of BEF Foods and we look forward to continued strong leadership from him and his team, including Chief Administrative and Chief Financial Officer Mark Hood who will remain in his role. The board appreciates the extraordinary talent, energy, and vision that Saed Mohseni has brought to Bob Evans and is excited that he has agreed to continue leading Bob Evans Restaurants following the transaction.”
Still as busy as ever, the Bob Evans restaurant in New Albany sees the usual and new customers. The dinner rush Tuesday night kept employees moving. The restaurants’ President John Fisher told 10TV that won’t change any time soon.
"The deal has been built so that the integrity, the great things that we love about Bob Evans will stay in-tact,” said Fisher.
When the restaurant chain announced the sale of all Bob Evans restaurants Tuesday afternoon, it worried some customers.
"I was shocked at first, you know because like I said it's been around for a long time,” John Dunn said.
"We heard it was being sold. We were very worried right away thinking there was going to be no more Bob Evans,” Emily Martin said.
A private company on the west coast, Golden Gate Capital, bought the restaurant business for $565 million plus assets. Officials with Bob Evans say the sale doesn't change anything. The name, the look and the food will stay the same.
Golden Gate Capital also owns Red Lobster and California Pizza Kitchen.
Bob Evans corporate offices will also stay in Ohio.
“Golden Gate Capital has acquired the restaurant business to help us continue to grow,” Fisher said.
Knowing the restaurant won’t change under new ownership is a relief for customers.
"I'm excited. I'm so happy because I can get the soups and things that I like,” Judy Osborn said.
Bob Evans has 522 restaurants in 18 states with plans to open more.