Subway restaurants said it has entered into an agreement to sell to private-equity firm Roark Capital Group, moving the franchisor into new ownership for the first time since its founding 58 years ago.
Subway, which has headquarters in both Milford, Conn., and Miami, said, “The transaction is a major milestone in Subway’s multi-year transformation journey, combining Subway’s global presence and brand strength with Roark’s deep expertise in restaurant and franchise business models.”
Price of the deal was not disclosed, but the Wall Street Journal reported earlier that it was about $9.6 billion and other sources has said it includes an earn-out provision. The deal is subject to regulatory and other conditions.
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