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.
Hero Uncle Rushes Into Flames to Save 8-Year-Old Girl – What Happens Next Will Shock You
A man from Washington is being called a hero after he ran into a burning house to save his eight-year-old niece.
According to reports, 20-year-old Derrick Byrd suffered second and third-degree burns on his face, back, and arms after rushing into the house when he realized his niece was trapped inside.
Speaking to KOMO-TV, Byrd said: “Even though I got burnt, I didn’t really care. I’d rather get burnt than her. She’s young and still has so much ahead of her. She’s a good kid.”
The fire broke out in a home in Aberdeen, Washington, while Derrick Byrd and six other family members were inside, including his sister Kayla and her three children.
When the fire spread, Byrd helped his nephews, Junior and Royce, jump out of a second-story window to safety. However, his eight-year-old niece Mercedes was too scared to jump after watching her mother, Kayla, fall from the roof.
Without hesitating, Byrd ran back into the burning house to save Mercedes. He quickly felt the flames burning him.
“I could feel it burning me,” he said.
Byrd wrapped his shirt around Mercedes’ face to protect her from the smoke and carried her out of the house as fast as he could.
Despite suffering burns, Byrd said he’d do it all again if needed.
“I’d run back in there and do it again, even if I got burnt worse or died,” he said.
When people called him a hero, Byrd humbly responded, “I wouldn’t say I’m a hero. I just wasn’t going to let my niece and nephews die.”
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