Subway has agreed to sell itself to Roark Capital, a private equity firm and owner of eateries including Arby's, Sonic, and Buffalo Wild Wings, reports Reuters. Subway did not disclose the terms of the deal.
Sources indicate the deal is valued at more than $9 billion. The announcement ends a bidding war between several firms.
"Roark brings more to the table than other investors would have," said Neil Saunders, managing director of data analysis firm GlobalData. Roark's experience of helping brands grow will be useful to Subway, "especially in the U.S. market where it remains well below the peak it hit a few years ago."
Subway has struggled for many years as competition in the space grows; however, in 2021 it increased its marketing spend and updated its menu, noted Reuters. It operates approximately 37,000 restaurants in more than 100 countries. Full Story
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Image: Subway