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 Adopted A Pit Bull From An Animal Shelter, But What The Dog Did One Day They Were Shocked
In a quaint Minnesota town, a family’s journey took an unexpected turn when they welcomed Joy, a pit bull mix, into their fold from a local animal shelter two years ago. Little did they know, Joy would soon become more than just a pet; she would emerge as a guardian angel for their two children, Emilly, 6, and Jonas, 10.
The bond between the kids and Joy was instantaneous and unbreakable. Days were spent in joyous companionship, with playful romps, leisurely strolls, and even shared bedtime stories. But it was the special connection between Jonas and Joy that truly warmed the heart.
One fateful evening, as the family basked in the tranquility of their backyard, a sudden commotion upstairs jolted them from their reverie. Jonas’s mother, sensing something amiss, hurriedly made her way to investigate, her heart racing with apprehension.
What she discovered in the bathroom sent shivers down her spine. Jonas lay unconscious in the tub, perilously close to slipping into the water. And there, amidst the chaos, was Joy, frantically barking and tugging at Jonas’s hair and hands, her instincts kicking into overdrive.
In a moment of sheer terror, Jonas’s mother realized that Joy was not the cause of distress but rather the beacon of hope in their darkest hour. With trembling hands, she dialed 911, and within moments, paramedics were on the scene, whisking Jonas away to safety.
It was Joy’s unwavering determination and quick thinking that saved Jonas’s life that night. Gratitude overflowed in the family’s hearts as they reflected on the miraculous turn of events. “Without Joy, I shudder to think what might have happened”, Jonas’s mother remarked tearfully. “Her heroism knows no bounds, and for that, we are eternally grateful. She deserves all the steaks in the world.”
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