Aug 24, 2023 - Economy

Subway agrees to be acquired by private equity firm Roark

Richard Collings

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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Subway agrees to be acquired by private equity firm Roark

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