Restaurant chain, launched in 1965, has struggled to drive growth amid fierce competition from rivals.
Subway said Thursday that the sandwich chain will be sold to private equity firm Roark Capital.that Roark was offering around $9.6 billion for Subway outbidding rival buyout firms TDR Capital and Sycamore.
"This transaction reflects Subway's long-term growth potential, and the substantial value of our brand and our franchisees around the world," Subway CEO John Chidsey said in a statement. Peter Buck, a nuclear physicist, and Fred DeLuca, co-founded the first Subway restaurant, then called"Pete's Super Submarines," in Bridgeport, Connecticut, in 1965. The eatery changed its name to Subway in 1968.
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Sandwich chain Subway will be sold to Arby's owner Roark CapitalSandwich chain Subway said Thursday it will be sold to the private equity firm Roark Capital.
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Sandwich chain Subway will be sold to Arby's owner Roark CapitalSandwich chain Subway said Thursday it will be sold to the private equity firm Roark Capital
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