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.
IS CLINT EASTWOOD MISSING?
Clint Eastwood, the iconic 92-year-old actor and filmmaker, has been absent from the public eye for over a year, fueling concerns about his health. However, recent Instagram posts from his daughter, Francesca Eastwood, offer reassurance.
Eastwood was last seen at a public event in February 2022, but there have been no recent sightings of him in public. An unnamed source in the celebrity news claimed that this absence has “a lot of people in Hollywood worried about him.” Some reports even suggested he may have osteoporosis, although there is no public evidence to support this claim.
On November 28, 2022, Francesca Eastwood posted a photo of her father appearing happy and well with his family. This glimpse into his life provided some relief to concerned fans.
Clint Eastwood, known for his remarkable career, last released the HBO Max film “Cry Macho” at the age of 90. Despite his recent absence, his legacy in the entertainment industry remains strong.
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