Bob Evans Farms, Inc. announced it entered into a definitive agreement for the sale of its Mimi's Cafe restaurant chain to LeDuff America, Inc.
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 café bakeries, coffee houses, boulangeries and related manufacturing in North America. The current LDA 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.
The purchase price for the transaction is $50.0 million, consisting 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 transaction is subject to customary closing conditions and is expected to be completed within the next 45 days.