Subway acquired by Roark Capital Group affiliates
Roark Capital Group affiliates acquired Subway, a US quick service restaurant franchisor brand, on Apr 30, 2024.
Transaction summary
- Target
- Subway
- Acquirer
- Roark Capital Group affiliates
- Seller
- -
- Announced
- 2023-08-24
- Geography
- United States
- Type
- Acquisition
- Deal type
- Control
- Stake acquired
- -
- First added
- 2026-10-04
- Latest update
- 2026-10-21
Value and multiples
100% enterprise value
USD 8.9B
100% enterprise value | USD
Basis: Estimated
Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.
EV / revenue
-
Period: EBITDA Period Unspecified In Reported Multiple
Basis: Estimated
EV / EBITDA
12x
EBITDA basis not stated
Basis: Public source
Amounts paid and other reported values
Original reported amounts and bases; a stake payment is distinct from the estimated whole-company valuation.
Consideration: USD 8.9B
Secondary-reported guaranteed base price USD8.95bn, excluding contingent earnout; total eventual consideration is unknown.
Basis
- Secondary reports put the base price at approximately USD 8.95bn, used as the estimated whole-company EV. A Reuters headline gives USD 9.55bn including a USD 600m earn-out; another report gives a maximum of USD 9.55–9.6bn with an earn-out of USD 600–650m. Reuters Breakingviews reports approximately USD 800m of EBITDA and roughly 12x at the rounded USD 9.6bn; that multiple is shown as reported, not recalculated from the base price, and its EBITDA period and basis are not stated. A secondary article reports FY2023 revenue of USD 971.9m, citing Subway’s franchise disclosure document; the underlying document and the company perimeter it covers are not confirmed. The revenue and EBITDA figures cannot be reconciled (the commentary also cites margins of around 5%), so neither is shown as an amount and no margin is inferred.
Source summary
Subway® Sale to Roark is Complete
Confirmedtoday completed its previously announced sale to affiliates of Roark.
Open sourceSubway Newsroom press releases
ConfirmedAug 24, 2023 Subway® Announces Sale to Roark Capital
Open sourceSubway® Sale to Roark is Complete - Apr 30, 2024
ConfirmedApril 30, 2024 / PRNewswire / -- Subway®, one of the world's largest restaurant brands, today completed its
Open sourceSubway® Sale to Roark is Complete - Apr 30, 2024
ConfirmedRoark is an Atlanta-based private equity firm with $38 billion in equity under management.
Open sourceBreakingviews: Roark scores sandwich deal better than $5 footlong
ConfirmedAt $9.6 billion, Roark is paying roughly 12 times Subway’s $800 million in EBITDA
Open sourceThe Deal With Two Prices: Roark Capital's Earn-Out Purchase of Subway
Confirmedguaranteed $8.95 billion, with an additional $600-650 million contingent
Open sourceThe Deal With Two Prices: Roark Capital's Earn-Out Purchase of Subway
Confirmedrevenue rising 10.3% to $971.9 million in 2023
Open sourceBreakingviews: Roark scores sandwich deal better than $5 footlong | Lipper Alpha Insight | LSEG
ConfirmedThe deal is valued at $9.55 billion, including a $600 million earn-out
Open sourceBreakingviews: Roark scores sandwich deal better than $5 footlong | Lipper Alpha Insight | LSEG
ConfirmedRoark is paying roughly 12 times Subway’s $800 million in EBITDA
Open sourceContinue your research
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