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.
When she saw white eggs hanging on a tree, she was amazed at what they really were
One sunny summer day, Maria and her daughter Sofia decided to take a leisurely stroll through the fields near their small town. While wandering around, they came across a small tree that immediately caught Maria’s eye. Curious, she took a closer look and was surprised to see that it was covered with tiny white fruits that she did not recognize.
At first Maria thought the fruits were bird eggs or something similar. But upon closer inspection she realized that they were actually white eggplants. Sofia was fascinated by the unusual sight and begged her mother to select some and try to cook with them.
Although Maria was hesitant to use the white eggplants as she wasn’t sure how to prepare them, Sofia’s enthusiasm convinced her to give it a try. She picked a few and brought them home.
Upon her return, Maria devoted herself to cooking and searched online for the best way to use the eggplants. She settled on a classic Italian dish: eggplant parmesan, a recipe she had always loved.
Maria sliced the eggplant thinly and fried it until golden brown, then covered it in rich tomato sauce and melted mozzarella cheese before baking the dish to perfection. When it was ready, she and Sofia enjoyed the meal together.
To Maria’s delight, the eggplant parmesan turned out to be exceptionally delicious. The eggplants were tender and flavorful and paired perfectly with the spicy tomato sauce and gooey cheese.
From then on, Maria made it a summer tradition to visit the field and check on the white eggplant tree. Every year the tree was there, producing its unique fruit. Maria would gather a few eggplants and use them to make her beloved eggplant parmesan, a dish that had become a family favorite.
The discovery of the white eggplant tree not only led Maria and Sofia to a new culinary adventure, but also reminded them that amazing finds can sometimes come from the most unexpected places.
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