Subway has announced its agreement to sell to Roark Capital, a private equity firm with $37 billion in assets under management. Details of the sale have yet to be released.

"This transaction reflects Subway's long-term growth potential and the substantial value of our brand and our franchisees around the world," said John Chidsey, CEO of Subway. "Subway has a bright future with Roark, and we are committed to continuing to focus on a win-win-win approach for our franchisees, our guests and our employees."

The press release notes that “the transaction comes on the heels of Subway announcing its 10th consecutive quarter of positive same store sales.” The Wall Street Journal described Subway’s growth strategy in the coming years: “Subway has steadily closed U.S. locations but is expanding abroad. It has signed 15 deals with international franchisees since 2021 and aims to open around 9,000 restaurants through the agreements. Subway said its deals include one to open nearly 4,000 locations in China in the next 20 years.”

According to NACS Daily coverage on the impending sale earlier this week, “Reuters noted that for the first half of 2023, Subway saw a 9.3% increase in same-store sales in North America. In July, Subway spent $80 million to roll out meat slicers in all its restaurants.”

Through the sale and new ownership, Subway will continue to execute its strategy with a focus on sales growth, menu innovation, modernization of restaurants, overall guest experience improvements and international expansion, according to the press release.