India News Break

In one of the largest acquisitions in the fast-food business, Roark Capital acquires Subway

<p>After six months of looking for a buyer, Subway has finally sold itself to private equity company Roark Capital. It ends the sandwich chain’s almost six-decade history as a family-owned company, according to a media report.<img decoding=”async” class=”alignnone wp-image-147058″ src=”” alt=” in one of the largest acquisitions in the fast food business roark capital acquires subway download 2023 08 26t182336.240 11zon” width=”1243″ height=”696″ srcset=” 300w,×84.jpg 150w” sizes=”(max-width: 1243px) 100vw, 1243px” title=”In one of the largest acquisitions in the fast-food business, Roark Capital acquires Subway 9″></p>
<p>Just shy of Inspire Brands’ $11.3 billion acquisition of Dunkin’ in October 2020, Roark’s transaction is one of the largest purchases in the history of fast food. According to CNN, Roark controls Inspire, the company that runs Jimmy John’s, a competitor of Subway.</p>
<p>The deal, according to a statement from Subway, “combines Subway’s global presence and brand strength with Roark’s deep expertise in restaurant and franchise business models,” and marks a “major milestone in Subway’s multi-year transformation journey.”</p>
<p>According to the news source, Roark has stakes in a number of significant restaurant chains, including Arby’s, Auntie Anne’s, Buffalo Wild Wings, Carvel, and Sonic.</p>
<p>“This transaction reflects Subway’s long-term growth potential, and the substantial value of our brand and our franchisees around the world,” said Subway CEO John Chidsey in a statement. With Roark, “Subway has a bright future. We are committed to continuing to focus on a win-win-win approach for our franchisees, our guests, and our employees.”</p>
<p>The agreement’s terms weren’t made public. The acquisition price was “around $9.6 billion,” according to the Wall Street Journal, which is a little less than the chain’s $10 billion asking price. The completion of the transaction is “subject to regulatory approvals and customary closing conditions,” according to Subway. In February, Subway placed itself up for sale.</p>
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