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 32-year-old woman was attacked by a polar bear after she jumped into their enclosure at the Berlin Zoo.
A polar bear assaulted a 32-year-old lady on Friday after she jumped into their cage at the Berlin Zoo when they were being fed.
Before she was saved, she had been bitten a lot.
In order to enter it, the woman, identified only as Mandy K, had to climb over a fence, a line of hedges, and a wall.
The woman leaped over the bars as the bear was being fed at the Berlin Zoo where she sustained injuries to her arms, legs and back.
Despite the efforts of six zookeepers to divert the four predators, one of the bears repeatedly bit the victim on the arms and legs.
The zookeepers managed to scare the bear off and save the woman.
The 32-year-old woman is now recovering in the hospital following surgery to repair her wounds.
Afterward it emerged that she is a teacher who had been driven to despair by her failure to find a job.
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