Subway announced that it is selling itseIf to Roark Capital, a private equity firm whose two holding companies already own an impressive collection of fast-food chains. Roark-owned brands include Dunkin’, Carvel, Jimmy John’s, Arby’s, Cinnabon, and Buffalo Wild Wings–and that’s just a partiaI list.
Subway is owned by the families of Fred DeLuca and Peter Buck, who founded the chain in 1965. At the time, Buck was 34. DeLuca was 17 and trying to raise money for college. Buck Ient him $1,000 and suggested they start a sandwich shop.
DeLuca passed away in 2015 and Buck di ed in 2021, but Subway remained a family owned business until now. It must have been a wrenching decision to give up ownership of the chain. But however they may feel about it, the families seem to have negotiated the best possibIe deal for the chain. Every business owner looking to sell can learn from their approach.
Our story begins back in February, when the families hired JPMorgan Chase as an adviser to explore a sale. At the time, the families reportedIy wanted $10 billion for one of the world’s two largest fast-food chains.
But it’s been a bad year for acquisitions so far, and some observers noted that the chain has been losing ground to newer rivaIs such as Firehouse Subs in recent years. With its shares of U.S. sandwich sales down from 34 percent in 2017 to 23 percent today, some questioned whether Subway was really worth $10 billion.
They Only Ever Played This 9/11 Video One Time
It’s hard to believe that over two decades have passed since the 9/11 attacks. Reflecting on those events brings back the profound emotions we experienced during that difficult time.
In the aftermath of 9/11, many continued to honor the victims. Among those paying tribute was Budweiser, who created a commercial that became widely recognized.
The ad begins with the iconic Clydesdales running through a field, preparing to pull a wagon. They set off on a journey to an unknown destination.
As they travel through rural landscapes, they eventually reach a bustling city, crossing into New York City via the Brooklyn Bridge. From a distance, the majestic New York City skyline comes into view. The Clydesdales then bow in a solemn tribute to those who lost their lives.
This ad was shown just one time during the Super Bowl, but the complete version is available to watch here:
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