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August 21, 2023

Report: Private equity firm nears $9.6B deal to buy CT-based Subway

Contributed A Subway restaurant.
By Greg Bordonaro

Another major Connecticut corporation is on the verge of being acquired. 

Milford-based Subway is nearing a deal to be acquired by Roark Capital for $9.6 billion, the Wall Street Journal reported. 

Roark, an Atlanta‐based private equity firm, has been competing to acquire Subway with two rival  firms, TDR and Sycamore, the WSJ reported 

Subway is the eighth-largest U.S. restaurant chain, with $9.8 billion in domestic sales across 20,810 locations last year, according to the WSJ, which cited market-research firm Technomic. 

Families of Subway co-founders Fred DeLuca and Peter Buck still own interests in the company, the WSJ said. 

Subway has also been making real estate moves over the past few years. Last year it opened a new global dual-headquarters in Miami’s Waterford Business District.

Subway continues to maintain its Connecticut presence but will soon be relocating its Nutmeg State offices to Shelton. 

 

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