Bob Evans to sell Mimi's Cafe for $50M
NEW YORK (AP) — Bob Evans Farms Inc. said Tuesday that it agreed to sell its Mimi's Cafe restaurant chain to LeDuff America Inc. for $50 million.
Mimi's Cafe is a French-inspired casual dining restaurant with 145 locations in 24 states, primarily in the West and Southwest.
LeDuff America, based in Dallas, owns cafes and related manufacturing in North America. Its cafes include La Madeleine Country French Cafe, Brioche Doree, Bruegger's Bagels, Timothy's Coffee and Michel's Baguette.
LeDuff is a unit of Groupe LeDuff SA, which is based in France.
The sale price includes $20 million in cash and a note for $30 million. The deal, which is subject to customary closing conditions, is expected to be completed within the next 45 days.
Bob Evans Farms, based in Columbus, Ohio, operates about 565 Bob Evans family restaurants in 19 states, mainly in the Midwest, mid-Atlantic and Southeast. The company also produces and sells pork sausage and other products under the Bob Evans and Owens brand names.
Its shares fell 53 cents, or 1.2 percent, to $43.79 in morning trading. Its shares peaked for the past year at $45.36 last Friday. They traded as low as $34.45 in mid-November 2012.