Subway has found a buyer in private equity firm Roark Capital, which successfully outbid rival groups for the sandwich chain after a long sale process.
The sale marks the end of Subway’s nearly six-decade tenure as a family-owned business.
While the transaction terms were not officially disclosed, the Wall Street Journal is reporting that the deal amounted to around $9.6 billion.
Roark Capital, known for its investments in various restaurant chains such as Arby's, Auntie Anne's, Buffalo Wild Wings, Carvel, and Sonic, now holds sway over Subway's future.
Despite challenges, Subway has made significant strides in recent years through menu enhancements, store renovations, and international expansion. The company reported its tenth consecutive quarter of positive sales in July, including a 9.5% increase in North American locations.
Roark Capital is hoping to build on Subway's strengths and navigate the competitive market to boost sales and profitability.
Subway operates nearly 37,000 restaurants in more than 100 countries.