4×4 Capital, an investment platform focused on middle-market consumer goods and services companies, has acquired Bob Evans Restaurants, LLC from Golden Gate Capital in a transaction aimed at accelerating the restaurant chain’s long-term growth.
Founded in 1948 in Rio Grande, Ohio, Bob Evans Restaurants operates as an all-American, family-style dining brand known for farm-fresh ingredients and hospitality. The company has more than 400 locations across 18 states, employs more than 15,000 people, and says its community engagement through farming and neighborhood initiatives remains central to the brand.
Bob Evans CEO Mickey Mills will continue to lead the business alongside the existing management team. As part of the ownership transition, 4×4 Co-Founder and Partner Gustavo Assumpção will serve as Executive Board Chair.
4×4 said it plans to apply its value-creation playbook and active ownership approach, which it has used across food and beverage investments, to support improvements in operations, guest experience, and brand development. Golden Gate Capital, which previously owned the business, praised the Bob Evans team and expressed support for the company’s next phase.
Support: Kroll’s Restaurant and Retail Investment Banking practice served as exclusive advisor to Bob Evans Restaurants, and Piper Sandler acted as advisor to 4×4 Capital.
KEY QUOTES
“What truly sets the Bob Evans brand apart is its distinctive hospitality, welcoming ambiance, and fresh, flavorful food—delivering real value for the whole family. What truly sets the Bob Evans brand apart is its distinctive hospitality, welcoming ambiance, and fresh, flavorful food—delivering real value for the whole family. We look forward to partnering with Mickey and the team to maximize long-term growth,”
Gustavo Assumpção, Executive Board Chair, 4×4 Co-Founder & Partner
“We are proud of what we accomplished in partnership with Golden Gate Capital and excited to begin this next chapter with 4×4’s hands-on partnership. Together, we look forward to investing in and enhancing our operations, guest experience, and brand—with a continued focus on stability, partnership, and long-term value creation,”
Mickey Mills, CEO, Bob Evans Restaurants
“We are truly grateful to the terrific team at Bob Evans for their strong stewardship of this iconic brand. We wish the team all the best as they enter their next phase of growth,”
Neale Attenborough, Managing Director, Golden Gate Capital
