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Bob Evans to buy Mimi’s Cafe restaurants for $182 million

Monday, June 14, 2004 | 11:15 a.m.

BLOOMBERG NEWS

COLUMBUS, Ohio -- Bob Evans Farms Inc., which makes sausage and operates 561 restaurants, agreed to buy the Mimi's Cafe chain for $182 million to add casual-style restaurants in 10 U.S. states.

The purchase price includes $78.7 million of Mimi's debt outstanding, Bob Evans said in a statement. Tustin, Calif.- based Mimi's had $240.5 million in sales last year.

Bob Evans is adding restaurants as high pork prices hurt sales of its sausages. The acquisition will give the company 81 Mimi's Cafe restaurants, including two in the Las Vegas area, featuring breakfast, lunch and dinner in a casual atmosphere. Restaurants account for about 80 percent of Bob Evans' sales.

Shares of Columbus, Ohio-based Bob Evans fell 17 cents to $27.16 at 9:32 a.m. in Nasdaq Stock Market composite trading and had dropped 16 percent this year.

Bob Evans last month said profit in 2005 will be $1.80 to $2 a share, below its previous estimate, because of rising hog prices and slower sales. The company makes and distributes pork sausage and other foods under the Bob Evans and Owens names.

Mimi's Cafe Chief Financial Officer Edward Bartholemy didn't immediately return a phone call seeking comment.

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