The private equity firm Roark Capital, which already has a stake in several restaurant chains, will take over Subway.
Subway announced on Thursday it will be sold to the private equity firm Roark Capital. Terms of the deal weren't disclosed, but the purchase price is nearly $10 billion.MILFORD, Conn. -- Sandwich giant Subway announced it will be sold to Roark Capital, a private equity firm with expertise in restaurant management and a stake in several other popular brands, which could help the sandwich chain expand and improve its stores.
Subway plans to continue to modernize restaurants and expand internationally under Roark’s ownership,The deal is one of the biggest acquisitions in fast food history, coming in just under Inspire Brands’ $11.3 billion purchase of Dunkin’ in October 2020, CNN said. Roark owns Inspire, which also operates Subway rival Jimmy John’s.
Subway, which has dual headquarters in Miami and Connecticut, was founded in 1965 and is still owned by its founding families. It’s now one of the world’s largest restaurant chains, with 37,000 outlets in more than 100 countries. Subway has been trying to catch up. In 2021, it refreshed its menu, and last year it announced a line ofafter finding that customers were tiring of Subway’s traditional model of letting customers build their own sandwiches.
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