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Bob Evans Restaurants Sold to Golden Gate Capital

Private equity firm buys family dining chain for $565 million.

Golden Gate Capital has agreed to acquire Bob Evans Restaurants for $565 million plus assumption of certain net working capital liabilities. As a result of the deal, Bob Evans Farms anticipates net proceeds of $475 to $485 million.

"The sale of Bob Evans Restaurants enables us to concentrate exclusively on BEF Foods, our fastest growing and most profitable segment," said Saed Mohseni, Bob Evans Farms' president and chief executive officer. "Bob Evans Restaurants has made tremendous progress over the last few years as our teams have strived to upgrade every aspect of the guest experience. We believe our talented restaurant teams, combined with Golden Gate Capital's industry expertise and significant resources, positions Bob Evans Restaurants well for realizing its full potential."

The deal is expected to close by the end of April and when it does, Mohseni will continue to serve in a leadership role for Bob Evans Restaurants, per a release announcing the transaction.