This is the first ownership change to the sandwich restaurant chain since its founding
Roark Capital has completed its acquisition of Subway, the sandwich chain announced Tuesday.
“The entire Subway system is excited that our sale to Roark is complete,” Subway CEO John Chidsey said in a statement. “As we look to our future, our growth journey is far from over. With a continued strategic focus on delivering better food and a better guest experience, our next chapter will be the most exciting yet.”
The sale was announced in August.
Subway, with joint headquarters in Milford, Conn., and Miami, said there were no anticipated changes to the company’s leadership team, strategic focus, or operating plants.
Subway 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.
There had been speculation that Roark’s ownership of other sandwich chains, most notably Jimmy John’s, might cause regulators to scuttle the deal, but authorities have cleared the way for the deal to be completed, Subway said.
This is the first change in ownership of Subway since it was founded by the late Fred DeLuca in 1965 as Pete’s Super Submarines (Peter Buck financed the opening). It was renamed Subway in 1972 and began franchising in 1974.
Contact Bret Thorn at [email protected]
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