Subway Sandwiches & Salads is being sold to affiliates of private-equity firm Roark Capital Group Inc. for an undisclosed price, The Wall Street Journal...
Subway Sandwiches & Salads is being sold to affiliates of private-equity firm Roark Capital Group Inc. for an undisclosed price, The Wall Street Journal reported on Thursday. The price was $9.6 billion, the newspaper reported on Monday, citing people familiar with the process. The company has now confirmed the deal, according to the WSJ.
Roark Capital is acquiring the company from two families that have controlled the sandwich chain for nearly 60 years, with most of the sale proceeds going toward foundations affiliated with the founders. Subway said Roark Capital plans to open tens of thousands of new locations globally. Atlanta-based Roark Capital won a competitive auction for Subway with rival bids from TDR Capital and Sycamore Partners, the newspaper reported.
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