Bob Evans Farms to sell restaurant business unit

Bob Evans Farms, Inc. is now a pure play food company. On Jan. 24, the company announced the sale of its Bob Evans Restaurants business unit to the private equity company Golden Gate Capital for $565 million plus the assumption of certain liabilities. Net proceeds from the sale to Bob Evans Farms are expected to be between $475 million to $485 million.  On the same day, Bob Evans Farms entered into an agreement to acquire the Pineland Farms Potato Co. (PFPC), Mars Hill, Maine, for $115 million. Pineland Farms is a value-added potato processor serving the retail and food service markets. The company also operates a cheese processing business.