MIAMI — Private equity firm Roark Capital has completed its acquisition of the Subway restaurant chain.
Financial terms of the transaction were not disclosed, but last fall when the deal was first announced The Wall Street Journal reported the transaction price at approximately $9.6 billion.
“The entire Subway system is excited that our sale to Roark is complete,” said John Chidsey, chief executive officer of Subway. “As we look to our future, our growth journey is far from over. With a continued strategic focus on delivering better food and a better guest experience, our next chapter will be the most exciting yet.”
Subway said it does not anticipate any changes to its leadership team, strategic focus or operating plans following the transaction’s closing.
Since announcing it was set to be acquired, Subway has taken a number of steps to push its business forward, including the launch of Sidekicks, a trio of footlong snack options. The Sidekicks menu, which includes Subway’s chocolate chip cookie, Cinnabon churros and Auntie Anne’s pretzels in footlong format, has been well received since launching in January.
More recently, Lancaster Colony Corp. said it has partnered with Subway to offer four different sandwich sauces at retail. The four sauces began shipping in February and are available in sweet onion teriyaki, roasted garlic aioli, Baja chipotle and creamy Italian MVP.
Roark Capital invests in consumer and business service companies, specializing in those with a franchise business model, according to the company. Current food-related brands in its portfolio include Arby’s, Auntie Annie’s, Baskin-Robbins, Buffalo Wild Wings, Carvel, Cinnabon, Carl’s Jr./Hardee’s, Culver’s, Dunkin’, Jamba, Jimmy John’s, McAlister’s Deli, Miller’s Ale House, Moe’s, Nothing Bundt Cakes, Schlotzsky’s, Seattle’s Best Coffee, Sonic and The Cheesecake Factory.
The Subway chain has more than 37,000 restaurants and a presence in more than 100 countries, according to the company.