US private equity firm Roark Capital has bought Subway for $9.55bn following an auction.
The fast-food chain, which has about 37,000 outlets in more than 100 countries, including some 2,200 in the UK, first announced it was exploring a potential sale in February.
Roark beat rival bids, including one led by the private equity group TDR Capital, based in London, and New York’s Sycamore Partners.
The private equity firm will pay $9bn up front, but earn-out conditions will defer payment of the full sum until Subway’s cashflow hits certain milestones.
The private equity firm has $37bn in assets under management, and already controls Inspire Brands, the owner of restaurant chains including Jimmy John’s, Arby’s, Baskin-Robbins and Buffalo Wild Wings.
