Overview

• Subway agreed to sell itself to private equity firm Roark Capital for around $9.55 billion.
• The deal marks the end of over 50 years of family ownership for Subway.
• Roark Capital outbid rival private equity groups TDR Capital and Sycamore Partners.
• Roark Capital owns other restaurant chains including Arby's, Dunkin' Brands, and Buffalo Wild Wings.
• Subway has been updating its brand image, renovating stores, and revamping its menu amid recent challenges.