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.
Kevin Bacon and Wife Find True Happiness After Losing Fortune and Moving to a Farm!
When we think of strong, loving Hollywood couples, Kevin Bacon and Kyra Sedgwick come to mind.
They have been married for over 30 years, celebrating their 35th anniversary this year with a sweet throwback photo on social media.
Despite their long careers in the entertainment industry, there was a time when they lost millions…
In 2009, their lives turned upside down when they got caught in Bernie Madoff’s infamous Ponzi scheme, which was the largest in history. This scam cost them up to $30 million, as estimated by StyleCaster. Bacon mentioned on the SmartLess podcast that they lost “most of our money.”
They were just two of many celebrities and high-profile figures who were scammed by Madoff’s “too good to be true” financial schemes.
“There are obvious life lessons here. If something seems too good to be true, it probably is,” Bacon told hosts Jason Bateman, Will Arnett, and Sean Hayes. “When something like that happens, you look at each other and say, ‘Well, that sucks. Let’s roll up our sleeves and get to work.’”
Despite the setback, 65-year-old Bacon and 58-year-old Sedgwick used the adversity as an opportunity to reflect and focus on the positives. “We’ve made it this far, our kids are healthy, we’re healthy. Let’s look at what we have that’s good,” Bacon said on the October 2022 podcast.
Bacon and Sedgwick decided to step away from the spotlight and Hollywood, finding peace and happiness on a cozy farm in Connecticut.
Over time, they shared glimpses of their daily lives on social media. Sedgwick posted so many videos of her and their goats on TikTok that people now recognize her more for that than her acting roles!
“People say, ‘We love you singing with the goats.’ Kevin and I are like, ‘Great, but have you seen our movies or TV shows?’ But it makes people happy,” the actress and producer told People in March this year.
Interestingly, Bacon and Sedgwick aren’t the only celebs drawn to farm life. In fact, famed actress Jennifer Garner decided to buy back the farm her mother grew up on and transform it into an organic produce project for baby food.
What do you think of celebs gravitating towards farm life? Do you think it would be a nice break from the fast-paced Hollywood experience? Let us know in the comments!
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