Sandwich chain Subway will be sold to Arby’s owner Roark Capital

Sandwich chain Subway mentioned Thursday it will be sold to the non-public fairness company Roark Capital.

Terms of the deal weren’t disclosed. Earlier this week, The Wall Street Journal reported that Roark used to be providing round $9.6 billion for Subway, which is privately owned.

Subway CEO John Chidsey mentioned the deal displays Subway’s long-term enlargement doable and the price of the emblem. Subway plans to proceed to modernize eating places and amplify across the world underneath Roark’s possession.

Roark is a personal fairness company with $37 billion in belongings underneath control. It makes a speciality of franchised companies, and owns a couple of eating place chains, together with Arby’s, Dunkin’ and Buffalo Wild Wings.

Subway, which has twin headquarters in Miami and Connecticut, used to be based in 1965 and remains to be owned by means of its founding households. It’s now probably the most international’s biggest eating place chains, with 37,000 retailers in additional than 100 nations.

But within the U.S., it’s been dropping marketplace proportion lately to fast-growing competitors like Panera and Firehouse Subs, which characteristic extra various menus and more moderen shops. Subway has been attempting to catch up; in 2021 it refreshed its menu and remaining 12 months it introduced a line of chef-developed sandwiches.

But in February, Subway introduced it used to be exploring a sale.