In a whirlwind auction with the business acquisition community talking, Roark Capital is seemingly on the cusp of securing a deal to acquire the world-famous Subway sandwich chain for an impressive $9.6 billion.
Roark Capital fiercely competed with prominent private-equity firms such as TDR and Sycamore throughout the auction.
However, recent developments suggest Roark may be leading the race, though a counteroffer from competitors remains a possibility.
Situated in Milford, Connecticut, Subway is best known for its signature foot-long sandwiches.
Under the stewardship of its two founding families for over half a century, the company initiated the idea of selling earlier this year. By February, experts were brought on board to facilitate the sale process.
Interestingly, Subway ranks as the eighth-largest U.S. restaurant brand. Market research from Technomic indicates that in 2021 alone, Subway …
