The Ohio-based company says it will be selling off all of its restaurants for a cool $565 million to the private equity firm, Golden Gate Capital.
Bob Evans Farms Inc. indicates it’s selling off its assets to turn their focus on their growing food division, which includes refrigerated sausages, side dishes, and other foods.
Golden Gate Capital will inherit over 500 restaurants in 18 states. The deal is expected to be finalized by the end of 2017. No closures or layoffs are planned at this time.
Source: News-Gazette / AP | Photo: Bob Evans / Official Website