Roark beat out a late challenge from a rival bidding group led by TDR Capital and Sycamore Partners, which also submitted a final buyout-bid of more than $9 billion, said reports referring people familiar with the matter.
It was in February this year when the global sandwich chain announced that it is exploring a possible sale of the business after almost six decades of family ownership.
Investment banking giant JP Morgan was advising Subway on the potential sale.
Subway, which has roughly 37,000 restaurants in more than 100 countries, did not disclose the terms of the deal on Thursday
Subway has agreed to attach conditions to some of the windfall the two families that own it will get. These conditions known as an earn-out, defer payment on part of the deal consideration. For the full price to be paid, Subway's cash flow would need to reach certain milestones over a specified period after the deal closes
The deal will make Roark Capital one of the largest restaurant operators in the world. It controls Inspire Brands, the owner of restaurant chains including Jimmy John's, Arby's, Baskin-Robbins and Buffalo Wild Wing s.y.r.
Subway was founded in 1965 as Pete's Super Submarines in Bridgeport, Connecticut, by 17-year-old Fred DeLuca and family friend Peter Buck.
Since 2016 Subway's size was shrinking year by year declining 22% by the end of 2021. The chain closed 1,614 stores from 2020 to 2022, according to Subway's lastest franchise disclosure document.
In India, Subway opened its first restaurant in 2001 in New Delhi.
Several potential buyers made offers for buying the sandwich chain. These included the asset management division of investment bank Goldman Sachs, TDR Capital, and TPG Inc.
Roark plans to keep Subway as a separate entity within its portfolio, according to Subway CEO John Chidsey.
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