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    World

    Subway to revitalize brand with $9.6 bn Roark Capital acquisition, aiming for global growth

    Subway to revitalize brand with $9.6 bn Roark Capital acquisition, aiming for global growth

    In a strategic move aimed at revitalizing its market presence and boosting growth, Subway, the renowned sandwich chain, has announced its decision to be acquired by Roark Capital, a prominent private equity firm with a proven track record in the restaurant management sector. The deal is expected to inject fresh energy into Subway's operations and foster international expansion.

    Subway to revitalize brand with $9.6 bn Roark Capital acquisition, aiming for global growth
    Photo: Subway to revitalize brand with $9.6 bn Roark Capital acquisition, aiming for global growth 
    Source: AP

    While the specifics of the deal remain undisclosed, The Wall Street Journal recently reported that Roark Capital, headquartered in Atlanta, extended an offer of approximately $9.6 bn to acquire Subway, which has been privately owned. This acquisition is set to capitalize on Roark's prowess in the restaurant industry and Subway's iconic brand value.

    Subway's CEO, John Chidsey, who assumed leadership in 2019, expressed his confidence in the long-term growth potential of the sandwich giant and the intrinsic value of its brand. Chidsey emphasized that Subway intends to continue its modernization efforts and global expansion strategies under the stewardship of Roark Capital. Importantly, the existing leadership team of Subway will remain intact throughout the transition.

    Roark Capital, managing an impressive portfolio of $37 bn in assets, specializes in fostering franchised businesses. The firm backs two holding companies that oversee several restaurant chains, including Inspire Brands (the parent company of Arby’s, Dunkin’, Jimmy John's, and Buffalo Wild Wings) and Focus Brands (the proprietor of Auntie Anne’s, Carvel, Cinnabon, and Jamba).

    Subway, established in 1965 and still under the ownership of its founding families, has emerged as one of the world's largest restaurant chains, boasting a global presence with over 37,000 outlets spanning across more than 100 countries. However, in the domestic market, Subway has faced challenges in maintaining its market share, losing ground to fast-growing competitors like Panera and Firehouse Subs. These rivals have capitalized on diverse menus and contemporary store concepts, a trend that led to Subway's market share dipping from 34% in 2017 to 23% in the $43 bn U.S. sandwich and deli market, as reported by Technomic, a consulting company.

    In response to these challenges, Subway initiated measures to regain its competitive edge. In 2021, the company introduced a menu refresh, and the previous year it unveiled a series of chef-developed sandwiches after recognizing customer fatigue with the traditional build-your-own sandwich model. Despite these efforts, in February, Subway publicly announced its exploration of a potential sale.

    The acquisition comes at a time when Subway has shown promising performance. As of July, the company disclosed a noteworthy 9.8% increase in global same-store sales compared to the preceding year. Furthermore, Subway invested $80 mn to equip its 20,000 U.S. restaurants with deli meat slicers, marking a significant shift in its operational practices.

    The impending acquisition by Roark Capital is expected to usher Subway into a new era of growth and innovation, leveraging the private equity firm's expertise and Subway's iconic brand recognition to navigate the evolving landscape of the fast-food industry.

     

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    24.08.2023, 22:58   Comments (0)   1038
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