Subway sold to Roark Capital for $9.55 billion, ending decades of family ownership

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.