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.
Cheers to Another Year of Life: Hoping for an Overflow of Birthday Wishes Today!
On the day I turned 15 years old, I eagerly anticipated the flood of birthday greetings from friends and family. However, to my dismay, the expected wave of messages never arrived. The feeling of disappointment quickly crept in, leaving me wondering if I was undeserving of love and celebration. Nevertheless, upon introspection, I realized that the absence of external recognition did not define my worth or the significance of my special day. Birthdays are more than just a number of well-wishes; they present an opportunity to appreciate the love and joy that reside within oneself and cherish the relationships and moments that truly matter. Despite the few birthday greetings, I am determined to make this year one filled with self-love, growth, and unforgettable memories.
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