Subway announced that it is selling itseIf to Roark Capital, a private equity firm whose two holding companies already own an impressive collection of fast-food chains. Roark-owned brands include Dunkin’, Carvel, Jimmy John’s, Arby’s, Cinnabon, and Buffalo Wild Wings–and that’s just a partiaI list.
Subway is owned by the families of Fred DeLuca and Peter Buck, who founded the chain in 1965. At the time, Buck was 34. DeLuca was 17 and trying to raise money for college. Buck Ient him $1,000 and suggested they start a sandwich shop.
DeLuca passed away in 2015 and Buck di ed in 2021, but Subway remained a family owned business until now. It must have been a wrenching decision to give up ownership of the chain. But however they may feel about it, the families seem to have negotiated the best possibIe deal for the chain. Every business owner looking to sell can learn from their approach.
Our story begins back in February, when the families hired JPMorgan Chase as an adviser to explore a sale. At the time, the families reportedIy wanted $10 billion for one of the world’s two largest fast-food chains.
But it’s been a bad year for acquisitions so far, and some observers noted that the chain has been losing ground to newer rivaIs such as Firehouse Subs in recent years. With its shares of U.S. sandwich sales down from 34 percent in 2017 to 23 percent today, some questioned whether Subway was really worth $10 billion.
A woman stumbled upon a dusty, tattered suitcase hidden in some underbrush
During her commute to work, a nurse from Essex, England, stumbled upon a discarded suitcase on the sidewalk. Her curiosity piqued, she decided to take a closer look, leading to an unexpected revelation! Inside the suitcase, nestled within some foliage, were 15 kittens, each just three to five weeks old.
The bag had been deliberately punctured with holes to allow air in, indicating that whoever left the kittens behind wanted them to survive. Notably, the suitcase was abandoned right next to a prominent animal rescue facility.
The nurse quickly reached out for assistance from Alison Gamble, a staff member at the shelter. After examining the kittens, Alison expressed her relief at their condition, noting: “They are in good shape, though it’s evident they have been separated from their mother”.
Since the kittens were still nursing, they required feeding from humans to avoid nutritional deficiencies. Fortunately, the dedicated team at the shelter is prepared to care for these 15 little ones until they can find permanent homes. At this stage, the kittens are too young and fragile to be released.
“Six of them are showing signs of eye infections, while the others seem generally healthy, but we will continue to monitor them closely to ensure they remain well”, Alison added. Check out the video below to hear the full story of these fortunate kittens!
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