Big brands like Subway and Jersey Mike’s changed hands during the year
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In 2024, mergers and acquisitions were big news.
Roark Capital in April completed its acquisition of Subway, the sandwich chain, The sale was announced in August 2023.
Subway, with joint headquarters in Shelton, Conn., and Miami, is the world’s largest quick-service sandwich chain with nearly 37,000 franchised restaurants globally.
Atlanta-based private equity firm Roark is a longtime restaurant operator. It backs Inspire Brands, which owns Arby’s, Buffalo Wild Wings, Sonic Drive-In, Dunkin’, Baskin-Robbins, and Jimmy John’s, as well as GoTo Foods (formerly Focus Brands), which owns and franchises Auntie Anne’s, Carvel, Cinnabon, Jamba, McAlister’s Deli, Moe’s Southwest Grill and Schlotzsky’s. It also backs CKE, parent company of Carl’s Jr. and Hardee’s, as well as Miller’s Ale House and the franchisor of Seattle’s Best Coffee.
Also, private equity giant Blackstone announced it would acquire a majority ownership position in Jersey Mike’s, the fast-growing sub shop purchased by Peter Cancro in 1975. Terms of the deal were not disclosed.
Cancro maintains a significant equity stake and continue to lead the business. The partnership with Blackstone is intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market, and continue its technology and digital transformation, according to the companies.
Blackstone earlier invested in Tropical Smoothie Café, adding to a investment in 7 Brew Coffee.
Here are some other M&A deals:
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