Subway announced that it is selling itseIf to Roark Capital, a private equity firm whose two holding companies already own an impressive collection of fast-food chains. Roark-owned brands include Dunkin’, Carvel, Jimmy John’s, Arby’s, Cinnabon, and Buffalo Wild Wings–and that’s just a partiaI list.
Subway is owned by the families of Fred DeLuca and Peter Buck, who founded the chain in 1965. At the time, Buck was 34. DeLuca was 17 and trying to raise money for college. Buck Ient him $1,000 and suggested they start a sandwich shop.
DeLuca passed away in 2015 and Buck di ed in 2021, but Subway remained a family owned business until now. It must have been a wrenching decision to give up ownership of the chain. But however they may feel about it, the families seem to have negotiated the best possibIe deal for the chain. Every business owner looking to sell can learn from their approach.
Our story begins back in February, when the families hired JPMorgan Chase as an adviser to explore a sale. At the time, the families reportedIy wanted $10 billion for one of the world’s two largest fast-food chains.
But it’s been a bad year for acquisitions so far, and some observers noted that the chain has been losing ground to newer rivaIs such as Firehouse Subs in recent years. With its shares of U.S. sandwich sales down from 34 percent in 2017 to 23 percent today, some questioned whether Subway was really worth $10 billion.
Celine Dion puts on impromptu performance backstage at the Grammys amid battle with stiff person syndrome
Celine Dion not only shocked everyone by performing unexpectedly backstage at the Grammy Awards, but she also made a surprise appearance to present Album of the Year.
Dion, 55, has maintained a low profile since disclosing her condition in December 2022 in order to combat stiff person syndrome.
In the video, Sonyaé—who is up for a Grammy—and Dion dance to the beautiful harmony of their voices.
The singer of “My Heart Will Go On” made her first appearance in public since November, when she attended an NHL game with her kids. She also made a surprise appearance at the Grammy Awards.
Although there are rumors that Dion’s voice isn’t getting better in a way that would allow her to perform or record again, it appears that she can still hit the notes that we are all familiar with.
After disclosing her illness, she postponed the remainder of her tour dates, raising doubts about her ability to give a complete performance.
Celine, you have our undying love and support.
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