After practically six many years as a family-owned enterprise, Subway has been bought to personal fairness agency Roark Capital in a groundbreaking deal – but it surely’s not the one sandwich joint within the agency’s portfolio.
The sale places Subway below the identical umbrella as rival Jimmy John’s, which is managed by Encourage Manufacturers additionally owned by Roark Capital.
The sandwich big introduced the information in a press launch on Thursday, and though phrases of the deal weren’t disclosed, the Wall Avenue Journal beforehand reported that Roark supplied Subway $9.6 billion after it was listed on the market in February for $10 billion.
Photograph by Xavi Lopez/SOPA Photos/LightRocket through Getty Photos | Pedestrians strolling previous a Subway retailer.
The cope with Roark is without doubt one of the largest acquisitions within the quick meals trade, per CNN. The corporate has $37 billion in belongings and an enormous meals portfolio with investments in Arby’s, Auntie Anne’s, Buffalo Wild Wings, Carvel, Sonic, and extra.
The most important was Encourage Manufacturers’ $11.3 billion deal to buy Dunkin’ in October 2020.
Subway’s sale comes because the model tries to revamp with retailer renovations and freshly sliced meats.
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The acquisition is a brand new starting for the sandwich store, which has been owned by the DeLuca and Buck households since Fred DeLuca and Dr. Peter Buck opened the primary Subway in Bridgeport, Connecticut, in 1965, in line with the firm’s web site.
Right now, Subway is without doubt one of the world’s largest restaurant manufacturers, with 37,000 places throughout greater than 100 international locations.
With hopes of constant to increase, “this transaction displays Subway’s long-term development potential and the substantial worth of our model and our franchisees world wide,” Subway CEO John Chidsey defined within the press launch.