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Fast service restaurant (QSR) chain Subway has entered into an settlement to be acquired by associates of enterprise capital agency Roark Capital.
The deliberate acquisition was introduced August 24 within the kind of a press launch, however the launch didn’t state the phrases of the deal, nor did it reveal an anticipated date of when the transaction would shut.
The announcement follows the discharge of Subway reporting its 10th consecutive quarter of optimistic similar retailer gross sales. Subway mentioned that below new possession, the chain will proceed to execute its technique with a concentrate on gross sales progress, menu innovation, modernization of eating places, total visitor expertise enhancements and worldwide growth.
“This transaction displays Subway’s long-term progress potential, and the substantial worth of our model and our franchisees round the world,” mentioned John Chidsey, CEO of Subway. “Subway has a vibrant future with Roark, and we’re dedicated to persevering with to concentrate on a win-win-win strategy for our franchisees, our visitors and our workers.”
There are almost 37,000 subway eating places, that are owned and operated by franchisees, in additional than 100 international locations.
As soon as the acquisition is finalized, Roark Capital will develop its stake within the QSR trade.
The Atlanta-based personal fairness agency with $37 billion in belongings below administration. Roark focuses on investments in client and enterprise service firms, with a specialization on franchise and multi-location companies within the retail, restaurant, client and enterprise companies sectors.
Amongst its investments, in response to Roark Capital’s web site, are Encourage Manufacturers and FOCUS Manufacturers, which each personal a few of Subway’s greatest opponents.
Encourage Manufacturers is the guardian firm of Arby’s, Jimmy John’s, Baskin Robbins, Buffalo Wild Wings, Dunkin’ and Sonic. FOCUS Manufacturers is the guardian firm of McAlister’s Deli, Schlotzky’s, Auntie Anne’s Pretzels, Carvel Ice Cream, Cinnabon, Jamba and Moe’s Southwest Grill.
Different eating places and QSR firms Roark has invested in embrace CKE Eating places (guardian firm of Hardee’s and Carl’s Jr.), Culver’s and The Cheesecake Manufacturing facility.
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