Bob Evans Farms, Inc. (BOBE) said Monday that it has agreed to sell its Mimi's Cafe restaurant chain to LeDuff America, Inc. for $50.0 million.
The purchase price of $50.0 million consists of $20.0 million in cash and a note for $30.0 million, subject to customary purchase price allocations and adjustments as of closing.
The deal is expected to be completed within the next 45 days.
The agreement with LeDuff America reflects the review of strategic alternatives for Mimi's Cafe that was announced in November.
Mimi's Cafe is a French-inspired casual dining restaurant with 145 locations in 24 states, mainly in the West and Southwest United States.
LeDuff America, headquartered in Dallas, Texas, owns and operates an extensive collection of cafe-bakeries, coffee houses, boulangeries and related manufacturing in North America. The current LeDuff America restaurant portfolio consists of La Madeleine Country French Cafe, Brioche Doree, Bruegger's Bagels, Timothy's Coffee and Michel's Baguette. LeDuff America is a US based subsidiary of Groupe LeDuff SA, a global bakery and restaurant company headquartered in Rennes, France.
Bob Evans also said it expects to provide certain transitional support services on a contractual basis to Mimi's Cafe during a period following the close of the transaction. LeDuff America plans to continue operating and managing the company out of its current Irvine, California office.
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