Subway, the popular sandwich chain with over 100 locations in New Jersey has announced big news in a state where Jersey Mikes is still the local favorite.
Subway has entered into an agreement to be acquired by affiliates of Roark Capital, marking a significant milestone in Subway’s multi-year transformation journey. Roark Capital, a private equity firm with $37 billion in assets under management, specializes in consumer and business service companies, particularly those with franchise models.
John Chidsey, CEO of Subway, highlighted the benefits of this acquisition for the company’s future growth. Subway’s global brand strength will be complemented by Roark’s expertise in the restaurant and franchise industry. The company sees this as a “win-win-win approach for our franchisees, our guests and our employees.”
This transaction follows Subway’s announcement of its 10th consecutive quarter of positive same-store sales.
Subway will continue its strategy focusing on sales growth, menu innovation, modernizing restaurants, improving overall guest experience, and expanding internationally.
J.P. Morgan is acting as financial advisor and Sullivan & Cromwell LLP as legal counsel to Subway. The deal’s completion is subject to regulatory approvals and customary closing conditions.