Subway said Thursday it will be sold to Roark Capital, a private equity firm with expertise in restaurant management that could help the sandwich chain expand and improve its stores.
Terms of the deal weren’t disclosed. Earlier this week, The Wall Street Journal reported that Atlanta-based Roark was offering around $9.6 billion for Subway, which is privately owned.
Subway CEO John Chidsey, who joined the company in 2019, said the deal reflects Subway’s long-term growth potential and the value of the brand. Subway plans to continue to modernize restaurants and expand internationally under Roark’s ownership. Subway said its leadership team will remain in place.
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