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Subway, a fast-food restaurant that specializes in submarine sandwiches and wraps, is reportedly close to sealing the acquisition deal with Roark Capital Group, an American private equity firm that owns several brands, including Arby’s, Baskin and Robbins, Buffalo Wild Wings, Auntie Anne’s, and Anytime Fitness. The PEF company is buying the sandwich franchise chain for $9.6 billion.
The news that the deal to buy Subway is nearing completion was first reported on Monday, Aug. 21. It was said that Roark Capital and Subway are likely to finalize the acquisition as early as this week. These details were reportedly shared by sources who have knowledge of the matter, as per Reuters.
Earlier this month, it was reported that TDR Capital and Sycamore Partners have discussed a partnership to jointly acquire Subway. However, it was said that it is not certain if these private equity firms would be able to meet the multi-billion price tag of the sandwich store chain.
This is where Roark Capital comes in after being presented as the other “group” interested in buying Subway. This PEF firm mainly invests in consumer franchise and business services businesses, which is apparent in the line of brands it owns.
Restaurant Business reported that regarding the news of Roark Capital’s deal, Subway refused to comment and said that it will not comment in public until the transaction is completed. The sandwich store brand was put back on the market in January this year, and the process of the sale is taking longer than expected.
Meanwhile, Subway has around 37,000 stores around the world. It was founded by Fred DeLuca and Peter Buck in 1965, and today, it is operating in more than 100 countries.
