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.
The duet of Iggy Pop’s fragile ballad, sung by Tina Turner and David Bowie, lights up the stage
Tina Turner had a remarkable year in 1984. After splitting from Ike Turner in July 1976, she built her solo career with the help of celebrity friends such as the Rolling Stones, for whom she opened during their 1981 US tour. She also appeared as a guest on a Chuck Berry television show in 1982. Her cover of Al Green’s “Let’s Stay Together”, released in November 1983, became an unexpected international hit.
Following the success of this single, Capitol Records gave the green light for a new album. Private Dancer was released in May 1984 and recorded in just two weeks. The album peaked at number 3 on the Billboard 200 and reached number 2 in the UK. The single “What’s Love Got to Do with It” became Turner’s only song to top the US Billboard Hot 100, with other hits such as “Private Dancer” and “Better Be Good to Me” following. In November 1984, she released “Tonight”, a duet with David Bowie from the Iggy Pop song.
Vintage Paint, a paint brand, describes the experience of attending Turner’s concert as an unforgettable honor. David Bowie’s surprise appearance sent the crowd into a frenzy and created an electrifying atmosphere. The mention of “vintage paint” is related to the recent loss of Tina Turner on May 24, 2023, and the earlier death of David Bowie on January 10, 2016. Turner was 83 and Bowie was 69. Fans can still enjoy an unforgettable live performance of Bowie’s “Let’s Dance” with Turner and Bowie collaborating.
Leave a Reply