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.
‘Top Chef’ star Naomi Pomeroy found dead at 49 in river, days after going missing
The search for missing Top Chef star Naomi Pomeroy has come to its tragic conclusion after she was found dead in a river.
As per reports, the Portland chef’s body was discovered on July 17, several days after she had gone missing following a tubing accident.
Benton County Sheriff’s Office confirmed in a heartbreaking statement that Naomi had drowned. Its investigation found that three adults – Pomeroy, her husband Kyle Linden Webster and a friend — became entangled while on tubes and a paddleboard that were connected.
Tragic details in their report go on to say that Naomi was pulled underwater after the group encountered an “exposed snag in the water” and was thereafter unable to free herself due to the “paddleboard leash”.
According to sources, Corvallis Fire Department members were able to recover Webster and the friend at the shore, but Pomeroy’s body was not immediately located.
A search was initiated, with the sheriff’s office offering an update on July 17 to say that Pomeroy’s body had been found on the Willamette River about a half mile upstream of Hyak Park between the towns of Corvallis and Albany.
The office detailed how people canoeing the river had spotted a body which later turned out to be Naomi’s.
The 49-year-old was a self-trained chef who became popular within her industry after opening the acclaimed Portland restaurant beast in 2007.
Pomeroy appeared on Iron Chef as well as Top Chef Masters, while she also served as guest judge on Top Chef in seasons 10, 15, and 18.
The show and its network, Bravo, made a statement following Pomeroy’s death, writing on X:
“The Bravo and Top Chef family send our heartfelt condolences to the family and friends of Chef Naomi Pomeroy. Naomi was a powerhouse chef who made an indelible mark on the culinary industry.”
Rest in peace, Naomi Pomeroy.
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