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.
15+ Pics That Need the Full Story to Make Sense
In 2011, 27 million pieces of content were shared online every day. Today, no less than 3.2 billion images are shared on a daily basis. It takes us a mere couple of seconds to snap a picture, and we’re not limited to a roll of film anymore. As a consequence, we snap pictures of everything, and sometimes we can’t keep them to ourselves.
Bright Side has a game for you — we prepared a list of images and your task is to figure them out without reading the explanation. Are you in?
1. “I wondered what my dad’s prosthetic finger would look like on my toe.”
2. “I don’t paint often, so I was really proud of myself for remembering to wear gloves this time.”
3. “My roommate thought I made cinnamon rolls. I actually made bacon. He was not happy with his finger scoop.”
4. “My treadmill kicked all the dirt from my shoes into a ’heavy’ and a ’light’ pile.”
5. “The fog during my flight makes the city seem like it hasn’t rendered.”
6. “The imprint of me lying face down in the snow looks like it’s actually popping out from the snow.”
7. “The border of my tattoo turned into a stretch mark during my first pregnancy. Now it looks 3D.”
8. “This truck looks like it came out of a wormhole. It’s actually carrying a wind turbine blade.”
9. “I got a cramp on the side of my hand, and you can actually see it.”
10. “I took a photo of my new faucet LED the exact moment it turned from red to green (or green to red).”
11. This is what a scan of a moving hand looks like.
12. “These aren’t actually bricks, it’s just white paint on red cement.”
13. “This tire went flat, was driven on, damaging the sidewalls, and then reinflated.”
14. “I made a snowman out of a melting paste. Here it is after an hour.”
15. “This is what happens when you wear socks and shoes outside every day for 20 years.”
16. “Shaved my hands, probably shouldn’t have. I just felt like my hands were too hairy.”
17. “Discovered that my tooth implant doesn’t glow like the rest of my teeth under a black light — regular photo for comparison.”
Which of these pics got you guessing about its backstory? What’s the last picture you took on your phone that only makes sense if you explain it? Share it with us in the comments.
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