AssetID: 52980135
Headline: UNCAPTIONED: Subway Ends Family-Owned Run, Sells to Private Equity Firm
Caption: Subway Ends Family-Owned Run Sells to Private Equity Firm. CNN reports that Subway has ended a six-month search for a buyer and will be sold to private equity firm Roark Capital. The news marks the end of the sandwich chain's almost 60-year run as a family-owned business. Subway released a statement, calling the deal a , “major milestone in Subway's multi-year transformation journey, combining Subway's global presence and brand strength with Roark's deep expertise in restaurant and franchise business models.”. Roark holds investments in a number of other major restaurant chains, including Arby's, Buffalo Wild Wings and Sonic. "This transaction reflects Subway's long-term growth potential, and the substantial value of our brand and our franchisees around the world.", "Subway has a bright future with Roark, and we are committed to continuing to focus on a win-win-win approach for our franchisees, our guests and our employees.", John Chidsey, Subway CEO, via CNN . While the terms of the deal were not officially disclosed, 'The Wall Street Journal' reported the purchase price to be "around $9.6 billion". CNN reports that the figure is slightly below the $10 billion Subway had been asking for since being put up for sale in February. CNN reports that Roark's acquisition of Subway is the second-largest in fast food history. In 2020, Inspire Brands, which is also owned by Roark, purchased Dunkin' for $11.3 billion. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Subway,ends,family-owned,run,business,fanchises,sells,sells up,private equity firm,bank,money,acquisition,Roark Capital,60-year,sandwiches,coffee,lunch deals,chain
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