Aug 24, 2023 - Economy

Subway agrees to be acquired by private equity firm Roark

Illustration: Tiffany Herring/Axios

Sandwich shop giant Subway on Thursday said that it's agreed to be acquired by Atlanta-based private equity firm Roark Capital Partners, ending a months-long sales process.

Why it matters: This makes Roark one of the world's largest restaurant owners, as it also controls Buffalo Wild Wings, Dunkin' Donuts, Arby's, Baskin-Robbins, Jimmy John's and Sonic.

  • It's also believed to be one of the year's largest private equity deals, even though financial terms weren't disclosed. The WSJ previously reported that Roark's bid was around $9.6 billion.
  • Also bidding was a private equity group that included TDR Capital, Sycamore Partners and Goldman Sachs.

Go deeper: Subway's sale process enters endgame

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