Earlier this year, New Albany-based Bob Evans sold off the restaurant side of its business to a California-based investment firm, retaining the retail side of the company that prepares and sells foods primarily through grocery store outlets. Yesterday, the company announced that it would be unloading the retail business to Post Holdings — a Missouri-based company most popularly known for its breakfast cereals.
“We have enormous respect for Bob Evans’ success and are excited about the growth opportunities this combination will create,” stated Post Hostings President & CEO Rob Vitale in a press release issued yesterday. “Combining with Bob Evans expands our portfolio of top brands and gives Post a leading position in the perimeter of the store. We look forward to welcoming the talented Bob Evans team to Post and working to create a successful future together.”
The deal, which represents a $1.5 billion transaction, gave Bob Evans stock (BOBE) a 4.48 point jump on the NASDAQ yesterday — only half of the 10 point boost it received on the day of the restaurant sale announcement back in January.
Locally, the news won’t mean much for job holders in New Albany in the immediate future. Representatives from Post stated that it will be combining some of its existing refrigerated retail divisions with Bob Evans, which will be run by Bob Evans’ current President and CEO, Mike Townsley.
Bob Evans was founded as a single truck stop restaurant in Rio Grande, Ohio in 1946. The company was headquartered on the south side of Columbus from 1968 until 2011, when it relocated to New Albany.
For more information, visit www.bobevansgrocery.com.