Sale of Bob Evans Restaurants and acquisition of Pineland Farms Potato Company marks new Era at Bob Evans Farms, Inc.
Bob Evans Farms, Inc. announced definitive agreements for the sale of Bob Evans Restaurants and the purchase of Pineland Farms Potato Company, enabling the company to focus on driving growth of BEF Foods.
BEF Foods is acquiring Pineland Farms Potato Company for $115 million using new borrowings. The purchase price may be increased if certain financial metrics are achieved during a 24-month period after closing.
Mike Townsley, president, BEF Foods, will assume the role of president and chief executive officer of Bob Evans Farms, Inc. following the closing of the Bob Evans Restaurants transaction.