Bob Evans Restaurants is exploring a sale that could value the fast-casual dining chain at up to $600 million, according to people with knowledge of the matter. The company and its owner, private equity firm Golden Gate Capital, are working with financial advisers, the people said, asking not to be identified discussing private information.  In the past 12 months, the company had earnings before interest, taxes, depreciation, and amortization of about $65 million, the people said. That implies a valuation of as much as $600 million, as family-dining restaurants are valued at a price-to-Ebitda multiple in the high single digits, they said. No final decision has been made and Golden Gate could opt to keep the business, the people added. A representative for Golden Gate declined to comment, while a representative for Bob Evans didn’t immediately respond to requests for comment. San Francisco-based Golden Gate acquired the restaurant operations from Bob Evans Farms Inc. in 2017 in a $565 million deal, according to a statement at the time. Bob Evans’ refrigerated dinner business remained public before getting acquired by Post Holdings Inc. later that year. The Bob Evans restaurant chain now operates close to 500 locations in 18 states primarily in the Midwest, mid-Atlantic and Southeastern U.S., its website showed. A possible sale of the business comes after many restaurants were upended by Covid-19. Bob Evans, however, garnered some of its best business during the pandemic, Chief Executive Officer Saed Mohseni said in an interview last year with the trade magazine FSR. – Source: Bloomberg L.P./FSR.