Columbus, Ohio – Bob Evans Farms said Tuesday it will divest its Mimi’s Café restaurant chain, selling it to LeDuff America – owner of Bruegger’s Bagels – for $50 million.
LeDuff America, a subsidiary of French bakery conglomerate Groupe LeDuff SA, will add the 145 Mimi’s units to its current portfolio of café-bakeries and coffee shops, including La Madeleine Country French Cafe, Brioche Doree, Bruegger's Bagels, Timothy's Coffee and Michel's Baguette.
"This transaction is a positive development for Bob Evans as well as for Mimi's Café,” said Bob Evans chairman and CEO Steve Davis. “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% to 12% annually.”
Davis said the company will work to continue growth initiatives at Bob Evans Restaurants, such as the Farm Fresh Refresh remodeling program and geographic expansion through new restaurant openings.