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The New Haven County-based fast food company, which is headquartered in Milford, announced that it will be acquired by affiliates of Roark Capital on Thursday, Aug. 24.
In a statement, Subway officials said the sale would be a "major milestone" in the company's history.
"This transaction reflects Subway's long-term growth potential, and the substantial value of our brand and our franchisees around the world," said Chief Executive Officer John Chidsey, who has served in his position since November 2019.
"Subway has a bright future with Roark, and we are committed to continuing to focus on a win-win-win approach for our franchisees, our guests, and our employees," Chidsey added.
Roark Capital, a private equity firm with $37 billion in assets, owns several other popular food franchises such as Dunkin', Buffalo Wild Wings, Cinnabon, and Arby's.
The timing of the sale will be dependent on "regulatory approvals and customary closing conditions," Subway officials said, also adding that J.P. Morgan will serve as financial advisor and Sullivan & Cromwell LLP will serve as Subway's legal counsel during the acquisition.
Subway currently serves customers across the world in almost 37,000 restaurants spread out in over 100 countries, according to officials.
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