The parent of Irvine-based Mimi’s Café reportedly has begun the process of selling off the chain.
The French-inspired restaurant chain—which has 145 restaurants, mostly in California—is owned by Ohio-based Bob Evans Farms Inc. Mimi’s has 475 OC workers, according to the most recent Business Journal estimate.
DealReporter, an online publication in the Financial Times Group, said the parent company made presentations to prospective buyers touting a $210 million valuation for the Mimi’s chain. The report, which cited unidentified sources, suggested the chain is likely to go to private equity investors.
Mimi’s has introduced new promotions, a menu redesign, happy hour deals and full bars at some restaurants among other initiatives over the past year to boost sales.
Bob Evans Chief Executive Steve Davis said late last year that Mimi’s needed to show “significant progress before we are satisfied.”
Mimi’s same-store sales fell 4% for the year.
Bob Evans acquired Mimi’s in 2004 for $182 million.
—Kari Hamanaka
