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.
Queen Camilla Breaks Silence On Kate Middleton After Cancer Diagnosis
Kate Middleton’s health has been shrouded in mystery, with sparse updates from Kensington Palace since her stomach surgery in January. Recently, Prince William briefly mentioned her health during official duties. In a recent disclosure, Kate revealed her battle with cancer, though specific details remain private.
During Easter, the family spent three weeks at Anmer Hall in Sandringham, enjoying time together away from the public eye. However, Kate faced scrutiny when an altered Mother’s Day photo circulated, drawing attention.
Queen Camilla, known for navigating media challenges, expressed support for Kate amid the cancer news. She offered encouragement ahead of Kate’s announcement, anticipating the media attention.
In February, Prince William touched upon Kate’s health briefly, but the royal family maintained discretion regarding both Kate and King Charles.
Following a heartwarming encounter where two girls expressed their love for Kate, Queen Camilla assured them that Kate appreciated their kind wishes and support.
Despite the limited updates on Kate Middleton’s health, her recent cancer diagnosis has prompted support from Queen Camilla, who understands the complexities of media scrutiny. Prince William’s brief mention and the family’s Easter retreat at Anmer Hall reflect their solidarity during this challenging time.
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