Investment company Roark Capital is going to buy the Subway network for $9.6 billion

Other investment companies, including TDR and Sycamore, are also bidding to buy the Subway chain, known for its sandwiches, but Roark has become a leader in recent days, the sources said. The deal could be announced as early as this week.

The WSJ wrote about the possible sale of Subway in January 2023.

Subway is the largest fast food chain in the US by number of outlets (over 20,000) and eighth in terms of revenue ($9.8 billion last year). In total, about 37,000 chain restaurants operate in more than 100 countries. Founded in 1965, the company is owned by the families of its two founders, Fred Deluc and Peter Buck.

Roark Capital has at various times been an investor in pretzel maker Auntie Anne's, fast food chains Arby's and Jimmy John's, and ice cream brands Baskin-Robbins and Carvel.