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Scoop: Bob Evans retains investment bank Kroll for sale

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Illustration: Aïda Amer/Axios

Bob Evans Restaurants is working with investment bank Kroll, formerly Duff & Phelps, on a sale process, multiple sources tell Axios.

Why it matters: Deal activity in the sector is heating up with consumers returning to pre-pandemic behavior and due to a more stable debt financing market.

Zoom in: Bob Evans is owned by PE firm Golden Gate Capital, which bought it in 2017 for nearly $600 million, including liabilities.

Catch up quick: The company was reported to be exploring a sale back in 2022 when it had about $65 million in EBITDA, per Bloomberg.

The big picture: Strategics continue to be selective while PE sponsors are looking for asset-light businesses or platform plays, sources tell Axios.

The latest: The One Group, parent of STK Steakhouse, acquired Benihana parent Safflower Holdings Corp. for $365 million or a little more than 5X EBITDA from PE firm Angelo Gordon.

  • Angelo Gordon was acquired by PE firm TPG late last year.

Golden Gate declined to comment, while Bob Evans and Kroll did not respond to a request for comment.

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