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.
Dakota Johnson shared a funny story about how her mom, Melanie Griffith, introduced her to Barack Obama, and it was a bit embarrassing.
Moms are known for embarrassing their kids. But if you’re Dakota Johnson and your mom is famous actress Melanie Griffith, the embarrassment level goes up when she introduces you to the President of the United States.
While talking about some of her past movie roles, like The Social Network from 2010, Dakota shared with Vanity Fair how she felt a bit embarrassed during her first meeting with Barack Obama, all because of her mom.
“One time, I was with my mom, and we were meeting Barack Obama, which was a big deal,” Dakota recalled. “He was talking to her, and she said, ‘Oh, Mr. President, this is my daughter. She just did a movie. She’s an actress too. She was in The Social Network.’”
But instead of stopping there, her mom added an embarrassing detail, telling the former president, “She’s in her underwear.” In the movie, Dakota plays a college student who has a fling with Justin Timberlake’s character, Sean Parker, and in one scene, she wears an off-the-shoulder Stanford sweatshirt and bright red underwear.
About the experience, Dakota joked, “And I died. I died inside.”
In the same video, she talked about her thoughts before working with Justin Timberlake on The Social Network. “Are you kidding? I was just 19 and straddling Justin Timberlake and whipping him in the face with my hair,” Dakota said when asked if she had any ideas about acting with the former boy band member. “I definitely had some preconceived notions, but he was really nice and welcoming, especially since I was just a stranger.”
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