M&A Deal Summary

Roark Capital Group Acquires Subway

On August 24, 2023, private equity firm Roark Capital Group acquired restaurant Subway

Acquisition Highlights
  • This is Roark Capital Group’s 9th transaction in the Restaurants sector.
  • This is Roark Capital Group’s 42nd transaction in the United States.
  • This is Roark Capital Group’s 1st transaction in Connecticut.

M&A Deal Summary
Date 2023-08-24
Target Subway
Sector Restaurants
Buyer(s) Roark Capital Group
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) J.P. Morgan Securities (Financial)
Sullivan & Cromwell (Legal)

Target

Subway

Milford, Connecticut, United States
Subway is a global restaurant chain focused on serving freshly made-to-order sandwiches, wraps, salads and bowls to guests across more than 100 countries in nearly 37,000 restaurants. Subway restaurants are owned and operated by Subway franchisees – a network that includes thousands of entrepreneurs and small business owners. Subway was founded in 1965 and is based in Milford, Connecticut.

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Buyer(S) 1

Buyer

Roark Capital Group

Atlanta, Georgia, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2001
PE ASSETS 33.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Roark Capital Group is a private equity firm that focuses on middle-market investment opportunities. The Firm targets family-owned business transfers, management/corporate buyouts, recapitalizations, going-private transactions, and corporate divestitures. Roark Capital Group pursues companies with revenues between $20 million and $5 billion, and EBITDA of $10 to $500 million. Roark Capital primarily invests in consumer and business services companies, with a particular interest in the franchise, food and restaurant, specialty retail, direct marketing and financial services sectors. Roark Capital Group was formed in 2001 and is headquartered in Atlanta, Georgia.

DEAL STATS #
Overall 44 of 44
Sector (Restaurants) 9 of 9
Type (Buyout (LBO, MBO, MBI)) 12 of 12
State (Connecticut) 1 of 1
Country (United States) 42 of 42
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-10 Solterra Recycling Solutions

Old Bridge, New Jersey, United States

Solterra Recycling Solutions is a provider of non-hazardous solid waste, organic waste, and recycling collection to over 30 municipalities, 400,000 residential households and 2,000 commercial customers throughout central and northern New Jersey as well as the Philadelphia metropolitan area.

Sell -
Mergr

Product

Company

Legal