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.
Yesterday I was washing and cleaning the car, and then I found an earring under the seat
Yesterday, while I was cleaning the car, I found an earring under the seat. It shocked me so much that I felt sick to my stomach and even threw up right there.
I took the earring inside and confronted my husband with it, asking him angrily: “What is this!?” He responded calmly, saying: “You’re not foolish, you know what it is”.
I explained that I found it in our car, and he suddenly got defensive, claiming he must have dropped it while giving a colleague a ride. He swore it wasn’t what I suspected.
The next day, I went to his workplace and questioned his colleagues to find out who the earring belonged to. When I reached the blonde woman he often has coffee with (who insists she’s just a colleague), I asked if it was hers. She swore it wasn’t hers, reassured me that my husband loves me and would never cheat.
I’m confused and torn. I don’t know what to believe anymore. I’m considering taking the kids and going to my mom’s place.
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