Sandwich chain Subway will be sold to fast-food investor Roark Capital – Gist It

Sandwich chain Subway will be sold to fast-food investor Roark Capital

Subway, the sandwich chain, is being sold to the restaurant-focused private equity firm Roark Capital.

The big picture: Subway is planning to expand and upgrade its stores under its new owners.
* The terms of the deal were not disclosed, but it was reported that Roark offered around $9.6 billion.
* Subway’s leadership team is expected to remain in place following the acquisition.
* Roark Capital, valued at $37 billion, backs multiple restaurant chains, including Arby’s, Dunkin’, and Buffalo Wild Wings.

Background: Subway, founded in 1965, is now one of the world’s largest restaurant chains with over 37,000 outlets worldwide.
* However, Subway has been losing market share recently to growing rivalry from chains such as Panera and Firehouse Subs.
* Subway’s market share of the $43 billion U.S. sandwich and deli market has dropped from 34% in 2017 to 23% currently.

Recent changes and impact: Subway has been making changes, such as a menu refresh and a line of chef-developed sandwiches.
* Subway’s global same-store sales were up 9.8% from the prior year as of July.
* The company has also remodeled 10,000 of its U.S. restaurants and invested $80 million in supplying deli meat slicers to its 20,000 U.S. restaurants.

View original article on NPR

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