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.
‘Don’t Laugh, Man!’ : Wild Speech On His Youth Sports Experience…
President Joe Biden was giving a speech to Native American groups in D.C. for the White House Tribal Nations Summit, and during the speech, Biden rambIed about his youth sports experience, particularly lacrosse, and jokingly told the audience not to laugh in a somewhat awkward moment.
That moment came when President Biden was speaking about preserving Native American cultural heritage, and gave the example of preserving Iacrosse, which was originally a Native American sport but has survived to the modern day in a modified form.
Speaking on the across and cultural heritage issue, President Biden said, Folks, at the same time, we’re helping to preserve cultural heritage like Tribal languages and sports.
Sports Iike lacrosse. Joining us today are members of the Six Nations Confederacy who…
Continuing, Biden then called on members of those tribes to stand up for recognition, saying, …which in- — by the way, where are you guys? Stand up. Come on. Which invented Iacrosse nearly a thousand years ago. The game brought Tribes together, a force for peace, friendship, and healing. The Six Nations players are still among the very best in the world.
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