The Subway sandwich chain announced on Thursday that it reached a deal to be acquired by Roark Capital, a private equity firm active in the restaurant and prepared foods sectors.
The Wall Street Journal previously reported that a Roark offer of US$9.6 billion had led to a competitive auction. "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," said Subway chief executive John Chidsey.
Subway was launched with a single sandwich shop in Connecticut by Fred DeLuca, who started with an initial US$1,000 investment from family friend Peter Buck, as a way to pay his college tuition.
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