Bob Evans Farms purchased for over $1 billion

Post Holdings has acquired Bob Evans Farms at $77.00 per share, with multiple news outlets putting the total value at around 1.5 billion.

Post said the purchase will increase its presence in the higher-growth packaged food market.

Bob Evans produces and distributes refrigerated potato and vegetable-based side dishes, and a variety of refrigerated and frozen convenience food items under the Bob Evans, Owens, Country Creek and Pineland Farms brands.

Bob Evans also has a growing foodservice business, representing approximately 35 percent of volume. The foodservice business sells a range of products, including side dishes.

“Combining with Bob Evans expands our portfolio of top brands and gives Post a leading position in the perimeter of the store, said Rob Vitale, president and chief executive officer of Post Holdings.

The transaction, which has already been approved by the boards of directors of both companies, is expected to be completed in the first calendar quarter of 2018, i.e. Post’s second quarter of fiscal year 2018.