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.
ONE OF PATRICK DEMPSEY’S TWIN SONS WAS CALLED “HIS CLONE” AND “THE NEXT MCDREAMY” AFTER THEY WALKED THE RED CARPET WITH HIM.
Recently, the actor Patrick Dempsey, who was once named the sexiest man alive and is now 57 years old, walked the red carpet with his wife and kids. They were all dressed up for the premiere of the movie Ferrari. Everyone looked really stylish, but one of Patrick’s 16-year-old twin sons, Darby, caught everyone’s attention.
What got people talking was how much Darby looks like his dad. Fans couldn’t believe the resemblance. One person said Darby looked like a clone of his dad. Another fan said he could be the next “McDreamy,” referring to a character his dad played on Grey’s Anatomy.
The truth is that good looks run in the Demspey family.
Patrick and his wife Jillian had their first child, a daughter named Talula, in 2002. Then a few years later, they welcomed twin boys, Darby and Sullivan, who are now 16 years old.
Patrick has talked about being a dad to three kids, saying that having a bigger family actually made things easier for him and his wife.
“In 2008, the Grey’s Anatomy actor said, “I love having a big family. I think it’s easier, oddly, in some ways, having three children as opposed to one. And it’s been great for my relationship with my wife and our life and everything.”
As his kids became teenagers, Patrick said things got tougher. Raising teens needs a lot of energy.
“They want their independence, which is normal,” he told People magazine in 2023. “They need to figure out how they fit into the world, make mistakes, and learn from them. As a parent, you need to be there for them through it all.”
After being a runner-up for years, Patrick was finally named “Sexiest Man Alive.”
“I’m glad it’s happening at this point in my life. It’s nice to have the recognition,” the actor said.
Asked how his children would react, McDreamy said they would probably tease him.
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