Roark Capital, owner of Baskin-Robbins, buys sandwich chain Subway
File photo.
Roark Capital is buying Subway, marking the end of over 50 years of family ownership of the sandwich chain. According to a report by CNBC on Thursday (August 24), Subway reportedly sought $10 billion, a price that alienated many potential suitors, leaving only private equity firms to duke it out in an auction.
The report said that Subway dwarfs all of them by number of restaurants, and brings in more annual sales than all but Dunkin Donuts. Through the holding company InspireBrands, Roark owns Dunkin, Sonic, Arby’s, Buffalo Wild Wings, Baskin-Robbins and Jimmy John’s. The firm also owns Auntie Anne’s, Carvel, Cinnabon, Jamba, McAlister’s, Moe’s Southwest Grill and Schlotzsky’s.
Neil Saunders, a retail analyst and managing director of GlobalData analytics, said that Roark brings more to the table than other investors would have. "And while the deal closed based on cold hard cash, the outcome is a good one," Saunders added.
According to a report by the Wall Street Journal (WSJ), Subway's Chief Executive Officer (CEO) John Chidsey said that Roark has plans to keep the sandwich chain as a separate entity within its portfolio.
Subway started in 1965 as an Italian-style submarine sandwich shop. At present, it has nearly 37,000 restaurants in more than 100 countries. In February, Subway hired JPMorgan to advise it on a possible sale.
In recent times, executives of the sandwich chain have highlighted cost-cutting efforts to better compete with other restaurant chains, while focusing most growth efforts overseas.
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