MIAMI — Roark Capital, a private equity firm with approximately $37 billion in assets, is acquiring the Subway restaurant chain. Terms of the agreement were not disclosed.
The Wall Street Journal reported on Aug. 21 that Roark was close to acquiring Subway for approximately $9.6 billion.
“This transaction reflects Subway’s long-term growth potential, and the substantial value of our brand and our franchisees around the world,” said John Chidsey, chief executive officer of Subway. “Subway has a bright future with Roark, and we are committed to continuing to focus on a win-win-win approach for our franchisees, our guests and our employees.”
Roark Capital invests in consumer and business service companies, and specializes in those with a franchise business model, according to the company. Current food-related brands in its portfolio include Arby’s, Auntie Annie’s, Baskin-Robbins, Buffalo Wild Wings, Carvel, Cinnabon, Carl’s Jr./Hardee’s, Culver’s, Dunkin’, Jamba, Jimmy John’s, McAlister’s Deli, Miller’s Ale House, Moe’s, Nothing Bundt Cakes, Schlotzsky’s, Seattle’s Best Coffee, Sonic and The Cheesecake Factory.
In late July, Subway reported it had achieved its tenth consecutive quarter of positive sales. Globally, the company has seen a 9.8% increase in same-store sales and 11.1% increase in digital sales. In North America, the company recorded a 9.3% increase in same-store sales and a 17.8% increase in digital sales.
The Subway chain has more than 37,000 restaurants and a presence in more than 100 countries, according to the company.
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Private equity firm acquiring Subway – Food Business News
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