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.
Firefighters caution the public about the dangers of leaving water bottles inside cars
High temperatures can greatly influence our daily routines. Extended exposure to extreme heat poses a well-known risk of heatstroke, making it essential to limit time spent in direct sunlight. Staying hydrated and avoiding strenuous activities during the hottest parts of the day is vital for health and safety.
In addition to heat-related health risks, hot weather conditions, combined with strong winds and low humidity, create ideal scenarios for fires to start. One often-overlooked fire hazard is leaving water bottles inside vehicles during extreme heat. Clear bottles can act like magnifying glasses, concentrating sunlight and generating focused beams of light.
When light passes through a transparent or semi-transparent bottle, it can create a concentrated heat point. This intense heat can ignite nearby flammable items, such as paper or clothing, leading to a fire in just minutes. This is why fire safety officials advise against leaving water bottles in cars.
In July 2017, Dioni Amuchastegui, a battery technician at Idaho Power, experienced this firsthand when he noticed smoke rising from his truck’s center console during his lunch break. At first, he thought it was just dust. However, he soon realized that sunlight was bending through a water bottle, causing smoke to form.
Acting swiftly, he removed the bottle and averted a potential fire. Amuchastegui later shared his experience with coworkers, which inspired the creation of an awareness video highlighting the dangers of leaving water bottles in vehicles during hot weather.
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