Bob Evans Restaurants announced it has sold all of its restaurant locations to a private equity firm for $565 million.
These are five things you need to know about the future of the restaurant chain, and how it will impact the region:
1. Golden Gate Capital has bought the restaurant chain, and will retain the Bob Evans leadership team to guide the transition as it takes part of the company private, the company said. Net proceeds are expected to be between $475 million and $485 million, according to a company statement.
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2. The transaction splits the company in half. Bob Evans Farms food division, which makes mashed potatoes, sausage and various side dishes, will become a standalone company.
3. The sale of the restaurant comes months after the company announced it would close 27 locations back in April, including one in Riverside.
4. Bob Evans is an Ohio-headquartered company, and currently operates 523 restaurants, in 18 states across the Midwest, Southeast and Mid-Atlantic. Bob Evans has local restaurants including locations in Centerville, Moraine, Dayton, Beavercreek, Miamisburg, Xenia, Middletown, Hamilton and Springboro.
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5. It is not clear at this time if the transaction would impact the amount of restaurants to remain open in 2017.
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