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.
Kate Middleton’s Heartwarming Response to Fans
Kate Middleton recently disclosed her cancer diagnosis in a heartfelt video, prompting an overwhelming show of support from fans worldwide. Touched by the compassionate messages, Kate has been personally responding to as many supporters as possible.
Among those who received a response was Allexmarie, a dedicated fan, who sent a thoughtful card wishing the Princess a speedy recovery. Allexmarie was deeply moved by a thank-you letter from Kate, stating, “I received this beautiful thank you letter today, and I can honestly say that I will cherish it for the rest of my life.” The letter emphasized Kate’s appreciation for the support during this challenging period.
Despite facing health challenges, Kate remains committed to spending quality time with her family and maintaining her well-being. She credits the support from her fans as a source of strength and resilience.
Sarah Ferguson, a close family friend, also conveyed her support, reflecting the broad base of encouragement Kate has received.The community continues to rally behind her, sending well wishes and support during her recovery.
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