Bob Evans Restaurants is reportedly up for sale, according to Axios, which cited multiple sources.
Private equity firm Golden Gate Capital originally bought the casual chain in 2017 for $565 million from Bob Evans Farms.
Bob Evans, which operates roughly 450 restaurants in 18 states, was reportedly up for sale in 2022 at a valuation of about $600 million, according to Bloomberg. That sale never went through, possibly due to a cooling of investor appetites in 2022, when very little deal-making occurred.
The chain raked in about $801 million in U.S. systemwide sales in 2022, up 7.3% year over year, according to Nation’s Restaurant News. Average unit volumes were about $1.8 million in 2022, an 8% jump compared to 2019, according to Restaurant Business.
2024 could be an active year for M&A, with economic conditions improving as inflation eases. One Group Hospitality is acquiring Benihana’s parent company for $365 million, while Restaurant Brands International bought its largest franchisee, Carrols Restaurant Group, for $1 billion. Tropical Smoothie Cafe and Chuck E. Cheese are also rumored to be up for sale.
Bob Evans did not respond to a request for comment by press time. Golden Gate Capital declined to comment.
