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.
Woman sees what she thought was a happy bird, then suddenly realises it’s something else
Embarking on a leisurely journey through the enchanting landscapes of Popran National Park in Australia, Kym Beechey found herself captivated by the allure of wildflowers, aiming to immortalize their beauty through her lens. Renowned for her unhurried hikes that allow her to fully absorb the marvels of nature, Beechey often faced the challenge of capturing the elusive movements of the area’s wildlife.
On a serendipitous day, fortune seemed to favor her when she spotted what initially appeared to be a young tawny frogmouth, bearing a striking resemblance to an owl, perched gracefully on a limb. A surge of excitement coursed through her veins, as avian subjects had proven to be notoriously swift for her camera.
Swiftly reaching for her phone, Beechey readied herself to capture the seemingly cheerful little bird. Zooming in for a closer look, a sense of anticipation enveloped her, only to be met with an unexpected twist. The smiling avian subject turned out to be none other than a banksia pod, a unique and charming pod that strikingly resembled a joyful bird.
As Beechey adjusted her camera to the revelation, it dawned on her that the seemingly animated “bird” was, in reality, a banksia pod, a distinctive and adorable pod that mimicked the appearance of a delighted bird. Banksia pods find their roots in banksia trees, primarily flourishing in southwestern Australia, with occasional sightings in New Zealand and Papua New Guinea.
Diverging from the resemblance to conventional pine cones, banksia pods are distinct fruit structures unrelated to pine trees. Originating from the Banksia genus trees, these pods, notably those from the Bull Banksia species, boast a substantial and sturdy build, making them suitable for an array of wood applications.
The Banksia grandis species, recognized for producing sizable seed pods, injects an artistic flair into various crafts and frequently graces online markets. Once the vibrant red or yellow banksia flowers shed their petals, the cone perseveres on the tree, eventually giving birth to seeds. Remarkably, a single tree can host both blossoms and mature cones concurrently.
The unique visage of banksia pods emerges from their tendency to burst open, liberating seeds in the process. Although Beechey’s initial impression of encountering an endearing baby bird was misplaced, she embraced the delightful surprise with laughter. Despite the amusing deception, the encounter contributed another charming snapshot to her ever-growing collection of exquisite wildflowers.
Given their idiosyncratic traits, banksia pods possess an uncanny ability to be mistaken for other entities, with each pod presenting a distinctive appearance within its own realm. Have you ever stumbled upon a plant that, at first glance, bore an uncanny resemblance to something entirely different, perhaps masquerading as a bird or another creature?
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