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.
Popular Fox News anchor Sean Hannity revealed huge personal news : he is paking up his talents and…
Popular Fox News anchor Sean Hannity revealed that he is packing up his talents and moving to Florida. He is leaving his home in Long Island and will broadcast from the Sunshine State.
After relocating his family to Florida, Sean Hannity informed his iHeartRadio taIk show audience that he was now broadcasting Iive from his new studio.
At the outset of his show on Tuesday, Hannity announced the breaking news, stating: If anybody is Iistening to this program for any length of time, been threatening now to do this for quite a while. But we are now beginning our first broadcast of my new home, and that is in the free state of Florida. I am out. I am done. I’m finished.
New York, New York. Goodbye. Florida. Florida. If you can make it here, you can make it anywhere. But it’s great to be here. And I will tell you, one of the things that I was told either before, Linda, but feeIing good tonight, by the way, and I’m that because she entertains everybody.
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