The sandwich shop chain Subway announced it is being acquired by the private equity firm Roark Capital.
“This transaction reflects Subway’s long-term growth potential, and the substantial value of our brand and our franchisees around the world,” said John Chidsey, CEO of Subway. “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.”
The company did not provide the financial details of its acquisition, although a Wall Street Journal report from earlier this week said Roark was paying $9.6 billion for the company, which is scheduled to relocate its headquarters from Milford to Shelton in September. The company”™s leadership will remain in place ”“ last week, the company announced Douglas Fry, country director of Subway Canada, will assume the role of president of North America on Sept. 5, replacing the retiring Trevor Haynes.
In a press statement, Subway said the “transaction comes on the heels of Subway announcing its 10th consecutive quarter of positive same store sales,” although the privately-owned company did not offer financial details regarding this achievement.
Roark is an Atlanta-based private equity firm with $37 billion in assets under management. The company”™s portfolio includes Inspire Brands, which owns Arby”™s, Buffalo Wild Wings, Dunkin”™ Brands Group, Jimmy John”™s and Sonic Drive-In, as well as Focus Brands Group, which owns Auntie Anne”™s, Carvel, Cinnabon, Jamba, McAlister”™s Deli, Moe”™s Southwest Grill and Schlotzsky”™s.
