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☆ I visited 4 Subway locations and saw firsthand what challenges its new owners will face. I found stale bread, bad tuna, and outdated, dirty restaurants.
▼ + stars: | 2023-09-01 | by ( Nancy Luna | ) www.businessinsider.com time to read: +9 min

We visited four Subway in Southern California to figure out how Roark can fix the brand. So I visited four Subway stores near my Southern California home. It is one of hundreds of Subway stores that have been remodeled over the years. In 2021, The New York Times conducted its lab test and published a report stating that it found no tuna DNA in Subway tuna sandwiches. I ordered the tuna sandwich at a Subway in Santa Ana, California, an aging stand-alone store in a former adobe-style Taco Bell building.

Persons: Roark, Dunkin, Fred DeLuca, Jared Fogle, It's, haven't, Nancy Luna, Burger King, —, Tim Powell, Powell Organizations: Roark Capital, Buffalo Wild Wings, Service, Subway, Royce, Owners, The New York Times, Chapman University Locations: Southern California, Wall, Silicon, Jersey, North America, Miami, Orange , California, Santa Ana , California, Orange

☆ Factbox: Subway to sell itself to Roark Capital
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsAug 24 (Reuters) - Roark Capital snapped up Subway in a $9.55 billion deal, sources said on Thursday, after it outbid several private-equity groups. The pair then started franchising Subway restaurants, with the first outlet outside of Connecticut being opened in Massachusetts a year later. For 2022, Subway posted a 9.2% year-over-year increase in same-store sales, thanks to its "Subway Series" menu - a lineup of 12 new signature sandwiches. In March, Goldman Sachs' (GS.N) asset management arm, PE firms Bain Capital, TPG, TDR Capital, Advent International and Roark Capital emerged among the list of suitors for the sandwich chain. Reuters reported earlier this week, citing sources that Roark Capital was in the lead to acquire the chain for well over $9 billion after attaching conditions to some of the windfall the two families that own it would get.

Persons: Thomas White, Roark Capital, Fred DeLuca, Peter Buck, DeLuca, Buck, Arby's, Quiznos, Burger, Jared Fogle, Chidsey, John Chidsey, Morgan, Goldman Sachs, Roark, Deborah Sophia, Granth Vanaik, Varun, Anil D'Silva Organizations: REUTERS, Subway, KFC, Bain Capital, TPG, TDR, Advent International, Roark Capital, Reuters, Thomson Locations: Bridgeport , Connecticut, Connecticut, Massachusetts, Bahrain, Subway, United States, Burger, U.S, North America, Bengaluru

☆ Subway sandwich chain sells itself to Dunkin' owner Roark Capital
▼ + stars: | 2023-08-24 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

In this photo illustration, a Subway meal is seen on a table at a Subway restaurant on January 12, 2023 in Austin, Texas. Roark Capital is buying Subway, ending the sandwich chain's more than five decades of family ownership and marking a new era for the struggling company. Subway dwarfs all of them by number of restaurants, and brings in more annual sales than all but Dunkin'. Through holding company Inspire Brands, Roark owns Dunkin', Baskin-Robbins, Sonic, Arby's, Buffalo Wild Wings and Jimmy John's. Roark plans to keep Subway as a separate entity within its portfolio, Subway CEO John Chidsey told the Journal.

Persons: Roark, Dunkin, Robbins, Jimmy John's, Anne's, Carvel, Neil Saunders, John Chidsey, Chidsey, Fred DeLuca, Peter Buck, Jared Fogle, DeLuca, Buck Organizations: Roark Capital, Subway, TDR, Sycamore Partners, Wall Street, Inspire Brands, Baskin, Buffalo Wild Wings, Focus Brands, Journal ., Business Locations: Austin , Texas, Cinnabon, Connecticut, U.S

Reuters reported on Tuesday on a so-called earn-out agreement that was key to Roark clinching a deal for Subway. Roark prevailed over a rival bidding group led by buyout firms TDR Capital and Sycamore Partners, whose final offer was for $8.75 billion including an earn-out, and $8.25 billion without, the sources said. Roark took the view that the restaurant market is too fragmented for the deal to raise competition concerns, the sources added. Roark and Subway, which announced the deal on Thursday, declined to comment on the terms. Roark currently controls Inspire Brands, the owner of restaurant chains including Jimmy John's, Arby's, Baskin-Robbins and Buffalo Wild Wings.

Persons: Roark, DeLuca, Buck, John's, Jimmy John’s, Jimmy John's, Neil Saunders, Peter Buck, Fred DeLuca, JPMorgan Chase, Sullivan, Cromwell, Weiss, Garrison, Roark Capital, Morgan Stanley, Anirban Sen, Abigail Summerville, Deborah Sophia, Greg Roumeliotis, Marguerita Choy Organizations: Roark, Reuters, Subway, TDR Capital, Sycamore Partners, Inspire Brands, Baskin, Robbins, Buffalo Wild Wings, JPMorgan, Cromwell LLP, Thomson Locations: Connecticut, U.S, Bridgeport , Connecticut, The Milford , Connecticut, Rifkind, Wharton, New York, Bengaluru

☆ Subway is being sold to a massive private-equity firm, finally moving the sandwich chain away from family ownership after nearly 60 years
▼ + stars: | 2023-08-24 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Roark's brands include Arby's, Dunkin', Buffalo Wild Wings, and rival sub store Jimmy John's. Subway is in the midst of a huge rebrand after suffering from a sales slump. Through Inspire Brands, it also owns another sub chain — Jimmy John's — which has more than 2,600 stores. AdvertisementAdvertisementSince the first Subway store opened in 1965, the company has been owned by its two founders, Fred DeLuca and Peter Buck, and their families. The sandwich chain announced last month that it had achieved 10 consecutive quarters of positive sales, including recording its highest weekly average unit volume in North America in the second quarter of 2023.

Persons: Dunkin, Jimmy John's, John Chidsey, Fred DeLuca, Peter Buck, It's Organizations: Roark, Arby's, Buffalo Wild Wings, Service, Roark Capital, Subway, Inspire Brands Locations: Wall, Silicon, North America

A Subway sandwich shop logo is pictured in the Manhattan borough of New York February 14, 2014. These conditions, known as an earn-out, defer payment on part of the deal consideration, the sources said. The Wall Street Journal reported on Monday that Roark Capital was nearing a deal to buy Subway for about $9.6 billion. A spokesperson for Subway declined to comment, while representatives for Roark and TDR did not immediately respond to requests for comment. Roark controls Inspire Brands, owner of the Jimmy John's, Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Rusty Taco and SONIC Drive-In chains.

Persons: Carlo Allegri, Roark, DeLuca, Buck, John's, TDR, Sycamore, Goldman Sachs, Fred DeLuca, Peter Buck, Jimmy John's, Dunkin ’, Rusty Taco, Jimmy John’s, Abigail Summerville, Anirban Sen, Greg Roumeliotis Organizations: REUTERS, TDR, Sycamore Partners, Goldman Sachs, Subway, Street, Roark Capital, Goldman, Inspire Brands, Baskin, Robbins, Buffalo Wild Wings, Thomson Locations: Manhattan, New York, TDR Capital, Bridgeport , Connecticut, The Milford , Connecticut, U.S, Champaign , Illinois

☆ Subway nears $9.6 bln sale to Arby's owner Roark - WSJ
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +2 min

The Subway restaurant logo is seen on a napkin in this illustration photo August 30, 2017. REUTERS/Thomas White/Illustration/File Photo Acquire Licensing RightsAug 21 (Reuters) - Roark Capital, which owns restaurants Arby's and Buffalo Wild Wings, is nearing a deal to buy sandwich chain Subway for about $9.6 billion, the Wall Street Journal reported on Monday. Another group led by Roark Capital was in the running, the sources had added. It has invested in Inspire Brands, which is the owner of Arby's, Baskin-Robbins, Buffalo Wild Wings and Dunkin' among others. Roark Capital did not immediately respond to a Reuters request for comment.

Persons: Thomas White, Roark Capital, Roark, Dunkin, Fred DeLuca, Peter Buck, Ananya Mariam Rajesh, Deborah Sophia, Shinjini Organizations: REUTERS, Buffalo Wild Wings, Wall Street, Reuters, TDR Capital, Sycamore Partners, Subway, Roark Capital, Inspire Brands, Baskin, Robbins, Thomson Locations: Sycamore, Bridgeport , Connecticut, North America, Bengaluru

[1/2] The Subway restaurant logo is seen on a napkin in this illustration photo August 30, 2017. Subway expects to fetch well over $9 billion in a deal, and it remains uncertain whether TDR and Sycamore can meet its price expectations, the sources said. Private equity firm Advent International, which had teamed up with Goldman Sachs Asset Management on a bid for Subway, has dropped out of the process, the sources said. Goldman Sachs (GS.N) may decide to team up with one of the other bidders, the sources added. Subway, Roark and TDR did not immediately respond to requests for comment.

Persons: Thomas White, Goldman Sachs, Roark, Jimmy John's, Jimmy John’s, TDR, Fred DeLuca, Peter Buck, Anirban Sen, Abigail Summerville, Nick Zieminski Organizations: REUTERS, TDR Capital, Sycamore Partners, Roark Capital, International, Goldman Sachs, Management, Subway, Bloomberg News, JPMorgan Chase &, Reuters, Thomson Locations: Sycamore, Champaign , Illinois, Milford , Connecticut, Bridgeport , Connecticut, The Milford , Connecticut, U.S, New York

This is weighing on how much the private equity firms are offering to buy companies. So far, bids for Subway have ranged between $8.5 billion and $10 billion, one of the sources said. This is a more expensive route that private equity firms may not opt for, three of the sources added. To be sure, Subway is allowing bidders to use any financing route they want, as long as they can show they can secure committed financing. TPG and Bain were part of a group that owned Burger King when John Chidsey, who is now Subway's CEO, headed that burger fast-food restaurant chain.

☆ Subway reports double-digit quarterly sales growth as sandwich chain seeks buyer
▼ + stars: | 2023-04-24 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

In this photo illustration, a Subway sandwich is seen on a table at a Subway restaurant on January 12, 2023 in Austin, Texas. Sandwich chain Subway reported double-digit same-store sales growth in the first quarter, showing its turnaround taking hold as the company seeks to sell itself. The restaurant company is reportedly seeking a valuation of at least $10 billion, and the auction is heading into its second round, according to The Wall Street Journal. Globally, Subway's same-store sales climbed 12.1%, and its digital sales increased 11.4%. In North America, same-store sales grew 11.7%, and digital sales soared 21.2%.

☆ Late Subway co-founder's stake donated in potential tax shield
▼ + stars: | 2023-02-01 | by ( Abigail Summerville | ) www.reuters.com time to read: +2 min

It will shield both the estate and the foundation from a big tax bill were Subway to be sold. Reuters reported in January that Subway was exploring a sale with the help of a financial adviser. A Subway spokesperson said the company does not comment on ownership structure and business plans. Buck, who was a nuclear physicist, and co-founder Fred DeLuca started Subway in 1965 after DeLuca asked Buck for advice on how to pay for his college tuition. Reporting by Abigail Summerville in New York; Editing by Anirban Sen and Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ Subway's late cofounder will give half the company to a charity where his 2 sons work, amid reports the chain is considering a sale
▼ + stars: | 2023-01-31 | by ( Nancy Luna | ) www.businessinsider.com time to read: +3 min

Subway's last surviving founder, Peter Buck, died in 2021. Buck, who died last year, left his 50% stake in the chain to the Peter and Carmen Lucia Buck Foundation, according to a Tuesday announcement by the charity. Peter Buck was 34 when he partnered with a 17-year-old family friend, Fred DeLuca, to open a submarine sandwich shop. In 2020, the chain laid off hundreds of corporate staff to cut costs amid rumors of a company sale. Are you a Subway insider with insight to share?

☆ Subway is reportedly exploring a sale
▼ + stars: | 2023-01-12 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

New York CNN —Subway, one of the world’s most recognizable fast food brands, might be up for a sale, according to the Wall Street Journal. The privately held company has obtained advisers to explore sale that could value Subway at more than $10 billion, the Wall Street Journal reported. In a statement provided to CNN, Subway said that it doesn’t “comment on ownership structure and business plans” because it’s private. Subway is still in the early stages of throwing up the “for sale” sign and it might not find an acceptable deal, the Journal reported. Subway attributed its recent success to its new “Subway Series” menu, which was streamlined to help speed up service, and an increase in digital orders.

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