Operations

Subway confirms sale to Roark Capital

Subway has sold to Roark Capital for an undisclosed amount.

Photo courtesy of Subway

August 24, 2023

Subway has been sold to affiliates of Atlanta-based private equity firm Roark Capital, according to a press release.

Terms of the sale were not disclosed, but the chain had reportedly asked for $10 billion.

Roark owns several QSR brands, including Sonic, Arby's, Dunkin', and Baskin-Robbins. Under Focus Brands, it owns Auntie Anne's, Cinnabon, Schlotsky's and more.

The sandwich brand, which said it has had 10 consecutive quarters of positive same-store sales, has made several changes recently such as the addition of slicers to units to slice meat fresh in its stores daily and the addition of premium sandwiches to its lineup. It plans to continue to focus on growth, menu innovation, restaurant modernization and international expansion.

"This transaction reflects Subway's long-term growth potential, and the substantial value of our brand and our franchisees around the world," John Chidsey, CEO of Subway, said in the release. "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."

Subway was founded in 1965 by Peter Buck and Fred DeLuca as a single sandwich shop in Connecticut. It has since grown to more than 37,000 restaurants in more than 100 countries.