Roark Capital acquires Subway in major fast-food deal.

OAN’s James Meyers
11:15 AM – Friday, August 25, 2023

After ‌five decades of family ownership, Subway has a new company in charge of the sandwich chain.

On Thursday, it was announced that the private equity ‌firm Roark Capital has purchased the fast-food chain, ending its six-month long search for a buyer.

The two⁣ sides did not announce ​a final transaction⁣ price, but ⁤The Wall Street Journal reported ‌on Monday that Roark Capital’s final bid ⁤was for $9.6 billion, which came ⁢in slightly below Subway’s ⁢asking price of $10 billion.

Subway commented on the transaction, stating it’s a “major milestone ​in Subway’s multi-year transformation journey, combining Subway’s global presence and brand strength with Roark’s deep expertise in restaurant and​ franchise business​ models.”

The firm currently owns over a dozen restaurants including Dunkin Donuts, Baskin-Robbins, Arby’s and Jimmy John’s.

“In essence, Roark ‌brings more to the table than other investors would have, and while the deal closed based on cold hard ⁢cash, the outcome is a good one,” ​Neil Saunders, a retail ⁤analyst and managing director of GlobalData analytics, said.

Additionally, ‍Subway CEO John Chidsey told The Wall Street Journal that Roark Capital is planning on keeping the sandwich chain as a separate entity within the company.

Subway was founded in 1965 by Fred DeLuca and Peter Buck, starting⁢ with their first sandwich shop in ​Connecticut and becoming a global franchise.

However, for almost a decade sales​ continued to fall for the fast-food chain. In 2022, Subway ended with just over 20,000 locations open in the U.S. compared to 27,100 locations in 2015.

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