Bob Evans Restaurants Acquired by 4x4 Capital — Consumer M&A

4x4 Capital, a New York-based private equity firm, has acquired Bob Evans Restaurants, taking ownership of the approximately 400-unit family-dining chain from Golden Gate Capital, which had held the brand since 2017. The transaction is an add-on acquisition, and deal terms were not disclosed. Bob Evans management, including CEO Mickey Mills, is expected to remain in place as the company enters a new ownership chapter focused on long-term growth.

Bob Evans, founded in Ohio in 1948, is known for “farm-fresh” comfort food and a low-price positioning within the breakfast-and-lunch segment of U.S. family dining. The brand has faced category pressure as traditional value-focused operators have struggled while more premium concepts have gained share. From 2017 to 2024, Bob Evans closed roughly 75 locations, and systemwide sales were positive in three of those years (2021–2023), reflecting a business that remains relevant but has been working through a smaller footprint.

4x4 said it plans to expand the New Albany, Ohio-based chain and will work with leadership to invest in operations, customer experience, and the brand. While the acquisition price was not provided for the current deal, Bob Evans generated about $761.2 million in sales in 2024, or roughly $1.8 million per restaurant, underscoring the scale 4x4 is targeting for platform-building in consumer restaurants.