Bob Evans to Sell Off Mimi's Cafe

Columbus, Ohio-based Bob Evans Farms Inc. has entered into a definitive agreement to sell its Mimi's Cafe restaurant chain to LeDuff America Inc. (LDA, Dallas). The purchase price for the transaction is $50 million and is expected to be completed within the next 45 days.

The Bob Evans chain has been focusing on a remodeling program and geographic expansion through new restaurant openings. “After closing the sale, Bob Evans will have reset itself to better focus efforts and investments on achieving our long-term commitment to grow earnings per share 8 percent to 12 percent annually,” says Steve Davis, Bob Evans chairman and ceo.

The French-inspired Mimi’s casual dining restaurant operates 145 locations in 24 states, primarily in the West and Southwest. LDA, a U.S.-based subsidiary of Groupe LeDuff SA (Rennes, France), owns and operates several cafe-bakeries, coffee houses, boulangeries and related manufacturing in North America, including La Madeleine Country French Cafe, Brioche Doree, Bruegger's Bagels, Timothy's Coffee and Michel's Baguette.