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August 24, 2023

Sandwich chain Subway agrees to be sold to private equity firm

Photo | Courtesy of Hartford Business Journal A Subway restaurant

It’s official, fast-food sandwich chain Subway has been sold to a private equity chain.

The company, dual headquartered in Connecticut and Miami, said Thursday it has agreed to be acquired by Roark Capital, an Atlanta‐based private equity firm that owns other prominent fast-food franchises, including Dunkin’.

Subway has 13 locations in Worcester alone, with dozens more spread throughout Central Massachusetts, according to its website.

A purchase price wasn’t disclosed, but the Wall Street Journal reported earlier this week that Roark was nearing a deal to buy Subway for $9.6 billion. 

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 owned interests in the company, prior to the sale, 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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