The sandwich chain introduced it have been got in a commentary Thursday.
Subway will quickly be beneath new ownership, the sandwich chain introduced in a press free up Thursday.
“Subway today announced that it has entered into a definitive agreement to be acquired by affiliates of Roark Capital,” the company mentioned. “The transaction is a major milestone in Subway’s multi-year transformation journey, combining Subway’s global presence and brand strength with Roark’s deep expertise in restaurant and franchise business models.”
Roark Capital has deep roots within the restaurant and franchise trade and owns chains together with Jimmy John’s, Cheesecake Factory, Arby’s, Jamba and extra. It manages $37 billion in property, in line with Thursday’s press free up, with a focal point on “consumer and business service companies, with a specialization on franchise and multi-location businesses in the retail, restaurant, consumer and business services sectors.”
The announcement follows Subway’s tenth consecutive quarter of sure similar retailer effects, the company mentioned, including that it “will continue to execute its strategy with a focus on sales growth, menu innovation, modernization of restaurants, overall guest experience improvements, and international expansion.”
Subway declares sale to Roark Capital.
Subway Restaurants
“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, mentioned within the press free up. “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.”
According to the Thursday’s free up, J.P. Morgan is serving as monetary adviser at the sale and Sullivan & Cromwell LLP is serving as felony suggest to Subway.
The value of the sale was once now not disclosed and timing is matter to regulatory approvals and normal ultimate stipulations.
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