Bob Evans Farms Inc Announces Agreement To Sell Mimi's Cafe Restaurant Chain To LeDuff America, Inc

Bob Evans Farms Inc announced it had entered into a definitive agreement for the sale of its Mimi's Cafe restaurant chain to LeDuff America, Inc. (LDA). Mimi's Cafe is a French-inspired casual dining restaurant with 145 locations in 24 states, primarily in the West and Southwest. LDA, headquartered in Dallas, Texas, owns and operates an extensive collection of cafe-bakeries, coffee houses, boulangeries and related manufacturing in North America. The purchase price for the transaction is $50.0 million, consisting of $20.0 million in cash and a note for $30.0 million. The transaction is expected to be completed within the next 45 days. The Company 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. LDA intends to continue operating and managing the company out of its current Irvine, California office.