MIAMI – Sandwich chain Subway has announced that it will be sold to the personal equity firm Roark Cash.
Phrases of the deal weren’t disclosed. Earlier this 7 days, The Wall Avenue Journal described that Roark was providing all around $9.6 billion for Subway, which is privately owned.
Subway CEO John Chidsey stated the offer reflects Subway’s lengthy-time period progress possible and the benefit of the brand name. Subway plans to keep on to modernize eating places and develop internationally underneath Roark’s ownership.
Subway, which has dual headquarters in Miami and Connecticut, was started in 1965 and is nonetheless owned by its founding families. It really is now a person of the world’s major cafe chains, with 37,000 retailers in extra than 100 countries.
In the U.S., on the other hand, it has been shedding market share in current yrs to fast-increasing rivals like Panera and Firehouse Subs, which characteristic more diversified menus and newer outlets. Subway has been trying to capture up. In 2021 it refreshed its menu and final calendar year it introduced a line of chef-formulated sandwiches.
Roark is a personal fairness organization with $37 billion in belongings under administration. It specializes in franchised organizations and owns numerous restaurant chains, like Arby’s, Dunkin’, and Buffalo Wild Wings.
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