Subway sells up to Roark Capital
Subway today announced that it has entered into a definitive agreement to be acquired by affiliates of Roark Capital. Subway says the transaction marks ‘a major milestone in our multi-year transformation journey’, combining its global presence and brand strength with Roark's expertise in restaurant and franchise business models.
Roark is a private equity firm with almost £30bn in assets under management. It focuses on investments in consumer and business service companies, with a specialisation in franchise and franchise-like businesses, and says it prides itself on being a trusted partner for management and business owners.
"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, chief executive officer 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 transaction comes hot on the heels of Subway announcing its 10th consecutive quarter of positive same store sales. The company says it will continue to execute its strategy with a focus on sales growth, menu innovation, modernisation of restaurants, overall guest experience improvements and international expansion.
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