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.
My Ех Ruinеd My Dаy аt Wоrk, I Вrilliаntly Тооk Rеvеngе оn Нim thе Sаmе Dаy — Stоry оf thе Dаy
So, my boyfriend kicked me out after I caught him with another woman right on our kitchen table. The very next day, he showed up at my job with her! (I’m a waitress)
Me: “Colin, haven’t you hurt me enough already? Why are you here?”
Him: “Well, you can’t serve me at home anymore, so you’ll serve me here.”
His girl: “Hurry up and get me a menu, or you’re gonna lose more than just your house — you’ll lose this job too!”
I couldn’t afford to lose my job, so I had to serve them… it was a TOTAL DISASTER! They were purposely making a mess… He dropped his fork so I would kneel in front of him. At one point, his new girl even “accidentally” spilled her soup on me! They were laughing their heads off while I was crying under the bar counter.
But then, our chef saw me, wiped my tears, and told me he had this brilliant plan to get back at them. It was pretty simple but so genius! I immediately began to put it into action.
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