Subway makes Big Announcement about its future, after 58 years they are…

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.

AGT 2024: Talented prodigy with World-Class Performance SHOCKS JUDGES and Leaves Audience Stunned

AGT 2024: Talented prodigy with World-Class Performance SHOCKS JUDGES and Leaves Audience Stunned

AGT 2024: Talented prodigy with World-Class Performance SHOCKS JUDGES and Leaves Audience Stunned

Simon Cowell was joined by a very special guest at a recent taping of America’s Got Talent.

On Tuesday, Sept. 3, the judge, 64, was photographed with his 10-year-old son Eric and his fiancée Lauren Silverman, 47, as the family of three walked the red carpet ahead of the live taping of the quarterfinals of AGT.

Cowell could be seen standing behind his son, putting his hands on his shoulders as the two smiled together. The proud dad opted for a gray T-shirt and jeans, while his son wore a white T-shirt and jeans. Silverman held her son’s arm and posed in a leopard-print jacket and black pants.

The father-son duo also posed for a sweet solo shot together, where Cowell put his arms around his son and held his sunglasses.

Never miss a story — sign up for PEOPLE’s free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer​​, from celebrity news to compelling human interest stories.Simon Cowell, Eric Cowell and Lauren Silverman at the “America’s Got Talent” Season 19 quarterfinals 4 held at Hotel Dena, Pasadena Los Angeles on September 3, 2024 in Pasadena, California. Gilbert Flores/Variety via Getty

Simon Cowell Says Son Eric ‘Without Question’ Saved Him After Death of His Parents: ‘Made Me Happy Again’

Back in June, Cowell opened up about how his son Eric saved him after both of his parents died.

Speaking on an episode of The Diary Of A CEO podcast released on June 10, Cowell shared how his son saved him during a dark period amid the loss of his parents, Julie and Eric, and his life being consumed by work. Cowell’s father Eric, whom his son was named after, died in 1999, while his mother Julie died 16 years later.

“I think particularly when I lost my mum, I was on a downward spiral at that point,” said the music industry executive. “I lost everyone, you know, I’ve lost my parents. It’s finality now. What I said about the material things I’ve got, everything just meant nothing at that point.”

But the TV personality said when he heard that his fiancé, whom he has been dating since 2004, was pregnant with their first child, it turned everything around.

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