Bob Evans has been acquired by investment firm 4×4 Capital, according to a news release.
Terms of the deal were undisclosed.
The family-dining chain, which was previously owned by Golden Gate Capital, enters the transaction with nearly 420 locations and 15,000 employees in 18 states.
Bob Evans CEO Mickey Mills and her leadership team will remain in place.
“We are proud of what we accomplished in partnership with Golden Gate Capital and excited to begin this next chapter with 4×4’s hands-on partnership. Together, we look forward to investing in and enhancing our operations, guest experience, and brand—with a continued focus on stability, partnership, and long-term value creation,” Mills said in a statement.
4×4, based in New York and founded in 2018, describes itself as an “investment firm focused on creating value for middle market companies across the Consumer Goods, Consumer Services, and Consumer Adjacencies sectors in North America.” The company prides itself on taking an active ownership role when it comes to investing, offering operational knowledge, and deploying value-driving playbooks. Its current portfolio features snacking and lifestyle brand 1440 Foods, active nutrition manufacturer FitCrunch, and frozen food delivery concept Yelloh.
As part of the Bob Evans agreement, 4×4 cofounder Gustavo Assumpção will serve as executive board chair.
“What truly sets the Bob Evans brand apart is its distinctive hospitality, welcoming ambiance, and fresh, flavorful food—delivering real value for the whole family. We look forward to partnering with Mickey and the team to maximize long-term growth,” Assumpção said in a statement.
In 2017, Bob Evans separated its restaurant and packaged foods businesses after selling the restaurant division to Golden Gate Capital for $565 million.
Axios reported in March 2024 that Bob Evans was potentially up for sale. The chain also looked for a sale in early 2022 and valued itself at up to $600 million.
Bob Evans is known for its farm-to-table identity. CMO Bob Holtcamp told FSR magazine in late 2023 that there’s “heart and soul in our preparation.” The chain slow roasts its turkey for six hours and its pot roast for nine hours and bakes bread fresh every day.
In recent years, the brand has focused on appealing to a broader audience. Holtcamp said the casual chain reaches beyond its older customer base.
“Our No. 1 group, our biggest user is a millennial family, who thinks about food differently than the Gen X or baby boomer family did 20 or 30 years ago,” Holtcamp said at the time. “All of our innovation has been looking at what the needs are of that group and staying relevant, and that means bigger, bolder flavor.”
Kroll’s Restaurant & Retail Investment Banking practice served as the exclusive advisor to Bob Evans Restaurants. Piper Sandler & Co. acted as advisor to 4×4 Capital.
