The private equity firm is putting the final touches on a deal that could be announced as soon as Thursday, according to the people, who asked not to be identified discussing confidential information. The deal would value Subway at more than $9 billion, they said.
Roark is set to beat competition from TDR and Sycamore, which brought on Goldman Sachs Group Inc.’s asset management arm and sovereign wealth fund Abu Dhabi Investment Authority in a last-ditch effort to come out on top, Bloomberg News reported on Tuesday. One of the most recognizable names in fast-food, Subway is the largest restaurant chain in the US by store count, dwarfing names like McDonald’s Corp. and Burger King. Globally, it has about 37,000 franchise-run locations in more than 100 countries. The company, which said in February it was exploring a sale and working with JPMorgan Chase & Co., initially drew about 20 bids.
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