Bob Evans Farms announced the completion of its previously announced sale of Bob Evans Restaurants to Golden Gate Capital for $565 million and the completion of its acquisition of Pineland Farms Potato Company.
Bob Evans Farms also announced Bank of America Merrill Lynch, JPMorgan Chase Bank and PNC Bank served as joint lead arrangers and joint bookrunners for the establishment of the company’s new $300 million credit facility. Additionally, Bank of America served as administrative agent for the facility, which has a maturity date of April 28, 2022.
J.P. Morgan Securities served as financial advisor to the company on the sale of Bob Evans Restaurants. UBS Investment Bank served as financial advisor to Golden Gate Capital.
The sale of Bob Evans Restaurants and the acquisition of Pineland Farms Potato Company marks the beginning of a new era at Bob Evans Farms in which the company will focus exclusively on realizing the full potential of its BEF Foods business.
BEF Foods is the national market share leader in refrigerated dinner side dishes, and is also the market share leader in sausage products in its core Midwest markets. The new Bob Evans, further strengthened by the manufacturing and intellectual capital of Pineland Farms Potato Company, is positioned to be a higher profit and higher growth company that is expected to provide better returns to shareholders and an enhanced product line for customers.
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