Roark Capital in Talks to Buy Subway
From Bloomberg.com:
One of the prospective buyers vying for a sandwich company is Roark Capital Group. People with knowledge of the situation say Subway. According to the individuals, who requested anonymity because the situation is private, other private equity firms are also thinking about making a bid for the Milford, Connecticut-based business.
One of the individuals claimed that Subway is aiming for a valuation of more than $10 billion. According to another source, some potential buyers may place a $8 billion valuation on the company. No definitive choice has been made, and Roark may decide not to pursue a deal for Subway, the sources continued. A Roark Capital representative declined to respond. Requests for feedback from a Subway spokesperson were not answered. One of the biggest restaurant chains in the world, Subway, which has about 37,000 franchised locations across more than 100 nations, announced in February that it was considering a sale and was collaborating with JPMorgan Chase & Co.
The Atlanta-based Roark Capital, which is run by President Paul Ginsberg and Managing Partner Neal Aronson, has supported a number of food chains, including the parent companies of Arby’s, Dunkin’ Donuts, Carvel, and Carl’s Jr.