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Is Subway Private Equity Owned?

🔴 PRIVATE EQUITY OWNED

Subway

Includes Subway Restaurants

fast food · Shelton, CT

Year Acquired

2024

“The world's largest restaurant chain sold to PE for $9.55 billion. Footlongs measured at your own risk.”

The PE Playbook

  • •Roark Capital acquired Subway for $9.55 billion in 2024 — the largest restaurant PE deal ever, adding it to an empire that includes Arby's, Dunkin', and Jimmy John's
  • •Subway had lost over 7,000 U.S. locations from its 2015 peak of ~27,000 before the sale, a sign of years of declining traffic
  • •Founder Fred DeLuca's estate sold after years of quality complaints, the infamous 'footlong' measurement scandal, and a 2015 spokesperson crisis
  • •Roark now controls roughly 1 in every 13 franchise restaurants in the United States

Since the Acquisition

  • ▸Net loss of 631 U.S. locations in 2024 alone — down below 20,000 stores from a peak of 27,000 in 2015
  • ▸The $5 Footlong is long gone — footlongs now cost $7 to $15, and a $6.99 promotional footlong launched in August 2024 was quietly dropped because franchisees were losing money on every sandwich
  • ▸Franchisees threatened with termination if they don't complete a $100,000+ 'Fresh Forward 2.0' store remodel, accelerating closures
  • ▸A 23-unit franchisee shut down entirely as franchise operators walk away at accelerating rates

Sources

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Also owned by Roark Capital

Arby's
restaurant
Buffalo Wild Wings
restaurant
Dunkin'
restaurant
Sonic Drive-In
restaurant
Jimmy John's
restaurant
Anytime Fitness
wellness
View Roark Capital profile →

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Frequently Asked Questions

Is Subway owned by private equity?

Yes. Subway is currently owned by Roark Capital, which acquired it in 2024. The world's largest restaurant chain sold to PE for $9.55 billion. Footlongs measured at your own risk.

What happened to Subway after the acquisition?

Net loss of 631 U.S. locations in 2024 alone — down below 20,000 stores from a peak of 27,000 in 2015 The $5 Footlong is long gone — footlongs now cost $7 to $15, and a $6.99 promotional footlong launched in August 2024 was quietly dropped because franchisees were losing money on every sandwich

Who owns Subway?

Subway is owned by Roark Capital, which acquired it in 2024.