Private equity firm Roark Capital is in the lead to acquire sandwich chain Subway for well over $9 billion after attaching conditions to some of the windfall the two families that own it will get, people familiar with the matter said on Tuesday.
private equity arm, which has offered less than Roark for Subway, also attached an earn-out to its offer, the sources said. Further details of the proposed earn-out structures could not be learned.
The sources requested anonymity because the matter is confidential. The Wall Street Journal reported on Monday that Roark Capital was nearing a deal to buy Subway for about $9.6 billion. The Milford, Connecticut-based company has been revamping its operations to deal with outdated decor and $5 deals on foot-long sandwiches that eroded franchisees' profits. In 2021, the chain launched a menu overhaul and splashy marketing campaign as it embarked on a turnaround plan that has helped sales grow.
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