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.
-OBAMA FAMILY’S PERSONAL CHEF FOUND DEAD!
The Obama family is devastated as their personal chef, Tafari Campbell, was discovered dead after a paddleboarding outing near their vacation home. Campbell, a former White House chef, had been paddleboarding on a Martha’s Vineyard lake when he vanished beneath the water.
Massachusetts State Police responded to the incident, reporting, “A call for a male paddleboarder who had gone into the water, appeared to briefly struggle to stay on the surface, and then submerged and did not resurface.” After an overnight search, Campbell’s body was found the following morning. Campbell had previously served as a sous chef in the White House before becoming the Obamas’ personal cook. Fortunately, the former president and Michelle Obama were not present at the time of the accident. In a statement, the Obamas expressed their grief, calling Campbell “a beloved part of our family” and expressing how their “hearts are broken that he’s gone.”
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