A popular restaurant chain with over 400 locations across 18 states has been sold to a new owner.
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On Feb. 5, 4×4 Capital, a New York-based investment firm, was announced as the new owner of Bob Evans Restaurants. Previously, the chain was owned by Golden Gate Capital, a private equity firm based in California.
Headquartered in New Albany, Ohio, Bob Evans currently operates over 400 locations across 18 states. According to 4×4 Capital, the restaurant chain employs a total of 15,000 people.
Bob Evans began in 1948, founded by its namesake in Rio Grande, Ohio. It first expanded across Ohio before growing throughout much of the eastern United States. The restaurant chain is famous for its classic American cuisine and welcoming, family-friendly environment.
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Meanwhile, Bob Evans CEO Mickey Mills expressed enthusiasm for the company’s next chapter with 4×4 Capital.
“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,” Mills explained in a press release. “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.”
4×4 Capital executives were attracted to Bob Evans for its strong history in the food industry. They also pointed out that they’re excited to help grow the restaurant chain in its next chapter.
“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,” 4×4 Capital Executive Board Chair Gustavo Assumpção explained. “We look forward to partnering with Mickey and the team to maximize long-term growth.”
Founded in 2018, 4×4 Capital’s portfolio also includes food companies 1440 Foods, FitCrunch, and Yelloh.