BUSINESS | Subway® Announces Sale to Roark Capital

Transaction combines Subway's global presence and brand strength with Roark's deep expertise in restaurant and franchise businesses.

MIAMI–Subway today announced that it has entered into a definitive agreement to be acquired by affiliates of Roark Capital. The transaction is a major milestone in Subway's multi-year transformation journey, combining Subway's global presence and brand strength with Roark's deep expertise in restaurant and franchise business models.

Subway® Announces Sale to Roark Capital

Roark is a private equity firm with $37 billion in assets under management. Roark focuses on investments in consumer and business service companies, with a specialization in franchise and franchise-like businesses, and prides itself on being a trusted partner for management and business owners.

"This transaction reflects Subway's long-term growth potential, and the substantial value of our brand and our franchisees around the world," said John Chidsey, CEO of Subway. "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."

The transaction comes on the heels of Subway announcing its 10th consecutive quarter of positive same store sales. The company will continue to execute its strategy with a focus on sales growth, menu innovation, modernization of restaurants, overall guest experience improvements, and international expansion.

J.P. Morgan is serving as financial advisor and Sullivan & Cromwell LLP is serving as legal counsel to Subway. Timing is subject to regulatory approvals and customary closing conditions.

About Subway® Restaurants As one of the world's largest quick service restaurant brands, Subway serves freshly made-to-order sandwiches, wraps, salads and bowls to millions of guests, across more than 100 countries in nearly 37,000 restaurants every day. Subway restaurants are owned and operated by Subway franchisees – a network that includes thousands of dedicated entrepreneurs and small business owners – who are committed to delivering the best guest experience possible in their local communities. For more Subway news visit: newsroom.subway.com.

About Roark Capital Roark is an Atlanta-based private equity firm with $37 billion in assets under management. Roark focuses on investments in consumer and business service companies, with a specialization on franchise and multi-location businesses in the retail, restaurant, consumer and business services sectors. For more information, please visit www.roarkcapital.com.