Subway sale to Roark has been completed. Credit: Subway/ PRNewswire.

American sandwich chain Subway has concluded its sale to affiliates of private equity firm Roark.

The deal, first announced in August 2023, has been concluded after it received approval from federal regulators.

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Although the companies did not disclose financial details, the winning bid exceeded $9.5bn according to reports by Reuters and Bloomberg.  

The acquisition by Roark follows a period of significant growth for Subway, with three consecutive years of sales increases and a positive global net restaurant growth recorded for the first time since 2016.

Neither its executive staff nor the overarching plan will alter following the takeover, and it will remain distinct from the rest of Roark’s brands.

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Subway CEO John Chidsey said: “The entire Subway system is excited that our sale to Roark is complete.

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“As we look to our future, our growth journey is far from over. With a continued strategic focus on delivering better food and a better guest experience, our next chapter will be the most exciting yet.”

Subway will continue its “Build a Better Subway” mission for its franchisees, employees and customers.

This includes a commitment to culinary and digital innovation, modernisation of its restaurants and strategic international expansion.

In 2024, the restaurant chain continued to innovate with the introduction of Subway Sidekicks, a new hot food category, and a fresh line-up of wraps served on a new lavash-style flatbread.

The company’s forward-looking strategy aims to enhance the Subway experience worldwide.