Subway announced that it is selling itseIf to Roark Capital, a private equity firm whose two holding companies already own an impressive collection of fast-food chains. Roark-owned brands include Dunkin’, Carvel, Jimmy John’s, Arby’s, Cinnabon, and Buffalo Wild Wings–and that’s just a partiaI list.
Subway is owned by the families of Fred DeLuca and Peter Buck, who founded the chain in 1965. At the time, Buck was 34. DeLuca was 17 and trying to raise money for college. Buck Ient him $1,000 and suggested they start a sandwich shop.
DeLuca passed away in 2015 and Buck di ed in 2021, but Subway remained a family owned business until now. It must have been a wrenching decision to give up ownership of the chain. But however they may feel about it, the families seem to have negotiated the best possibIe deal for the chain. Every business owner looking to sell can learn from their approach.
Our story begins back in February, when the families hired JPMorgan Chase as an adviser to explore a sale. At the time, the families reportedIy wanted $10 billion for one of the world’s two largest fast-food chains.
But it’s been a bad year for acquisitions so far, and some observers noted that the chain has been losing ground to newer rivaIs such as Firehouse Subs in recent years. With its shares of U.S. sandwich sales down from 34 percent in 2017 to 23 percent today, some questioned whether Subway was really worth $10 billion.
Our thoughts and prayers go out to Jon Bon Jovi and his family for their tragic loss
Days before her birthday, Jon Bon Jovi’s mother Carol Bongiovi passed away.
She was dubbed a “force to be reckoned with” by the singer.
JON Three days prior to being eighty-three, Bon Jovi’s mother, Carol Bongiovi, passed away.
Jon, 62, spoke empathetically about Carol following her death on Tuesday at Monmouth Medical Center in Long Branch, New Jersey.
Jon told PEOPLE, “Our mother was a force to be reckoned with; her spirit and can-do attitude shaped this family.”
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“We will miss her terribly.”
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Carol, a former Playboy bunny, founded the fan club for her son’s band.
She met her future husband, John Bongiovi, Sr., after she enlisted in the U.S. Marine Corps in 1959.
After relocating, they reared their children in Sayreville, New Jersey.
Following that, they relocated to Holmdel, New Jersey, where she lived until her passing.
It was reported that Holmdel Funeral Home will oversee Carol’s private funeral.
Her three children, Jon, Anthony, and Matthew, as well as her 63-year-old husband, will miss her.
Jon has previously stated that when he was a child and desired to be a musician, his parents provided him with “incredible support.”
In November 2020, he said, “Even if you weren’t good at your craft, you could work on it if you thought you were,” to The Big Issue.
“As I grew older, I realized how wonderful my parents’ gift to me was.
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“They genuinely believed John F. Kennedy was directing them to travel to the moon.” “You can go to the moon, of course.” Just go, John. I visited that place.
The performer told about how his parents used to take him to concerts when he was seventeen.
When Jon was seventeen, his parents allowed him to perform at events, which allowed him to pursue his aspirations.
“They were always there for me, which was amazing looking back,” he remarked.
“Because I could have to be at school at eight o’clock and get home at one or two in the morning.”
“They just told me to go to school on time, you know that’s my responsibility, but follow your dreams.”
The girl Jon fell in love with in high school, Dorothea Hurley, is the wife he married.
Together, they are parents to three sons, Jesse, Jake, and Romeo, and a thirty-one-year-old daughter, Stephanie.
Model Jake wed Stranger Things actress Millie Bobby Brown in a tiny, private ceremony in May 2024, according to the first story from The Sun.
The parents of Millie and Jon attended the little wedding.
He expressed his excitement for the wedding to The Sun the week prior.
“My grandchildren will have more English ancestry than Italian or any other heritage I may have” That must be absurd, right? The musician screamed.
“Your kids are married and talking to you about having grandchildren all of a sudden? Wow!” In my book, this is the longest chapter.
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