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.
Heartbreaking Tragedy: 3-Year-Old Boy’s Life Cut Short on His Birthday
We announce with heavy hearts the tragic news of the death of 3-year-old Josiah Toleafoa, who cruelly passed away on his third birthday, which was meant to be a day of joy and celebration.
Josiah and his family were attending a kids’ party at Play City, which has an indoor parking lot where the event took place. Young Josiah was struck by a car in a horrible turn of events that left his family and everyone in attendance shocked and incredulous.
Witnesses describe the horrifying sight as Josiah’s mother, distraught, screamed and sobbed while paramedics worked frantically to save her son. Josiah was declared dead at the Rady Children’s Hospital in spite of their best attempts. The unthinkable had occurred, shattering the world of this family.
Investigations are currently ongoing on the accident’s circumstances. The driver in question, a 36-year-old whose identity is pending confirmation, was not impaired by drink or drugs. He stayed and assisted the authorities from the spot. The precise reason for the mishap is still a mystery.
The family has banded together during this unbearably difficult time to establish a GoFundMe campaign to help Josiah’s parents with the costs of his funeral. Josiah was a happy youngster, according to his aunt Tatiana Toleafoa, whose smile and kind heart made everyone around him happy. The thought of all the incredible things Josiah may have achieved if his life hadn’t been tragically cut short is heartbreaking.
“This GoFundMe page is for my sweet nephew’s funeral costs and services. He was a little angel who touched so many lives in so many different ways before he was called to Heaven.” “Anything at all, in any amount, would help.”
The owner of Play City donated $2,000, and the landlord matched the amount, demonstrating how the community has come together in support of the bereaved family. But as of right now, no one has been taken into custody.
We are so sorry for Josiah’s family at this unbearable loss. Nothing can compare to the unbearable pain that losing a child can cause a family. We ask that you remember them during this trying time and offer our sincerest condolences to them.
Peace be with you, darling Josiah.
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