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.
Dolly Parton says she will no longer be touring and instead will spend time at home with her husband
Country music legend Dolly Parton, 77, recently revealed she’s retiring from touring but remains committed to creating music. In an interview, she stated, “I have no intention of going on a full-blown tour anymore.” Despite her decision, Parton plans occasional special shows and festivals. The iconic singer, who rose from poverty in the Appalachian Mountains, emphasizes her focus on spending quality time with her husband, Carl Thomas Dean, after 50 years of marriage.
Parton shares insights into her life, revealing how she met Dean outside a laundromat in 1964. The couple married in 1966, celebrated their 50th anniversary in 2016, and recently renewed their vows. Parton expresses the importance of staying close to home as they age.
She also discloses her venture into rock ‘n’ roll, inspired by her husband’s musical taste, and discusses her NBC special, “Dolly Parton’s Mountain Magic holiday.” Additionally, Parton collaborates with Reese Witherspoon on the film “Run, Rose, Run,” adapted from her novel co-written with James Patterson.
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