Subway is a privately held American fast-food restaurant chain headquartered in Miami, United States. It is known for its made-to-order submarine sandwiches (“subs”), salads, wraps, and customizable meal options.
Founded in 1965 by Fred DeLuca and Peter Buck, the company began as “Pete’s Super Submarines” in Bridgeport. Over the decades, Subway expanded globally and became one of the largest restaurant chains in the world by number of locations.
Subway operates primarily under a franchise model and has thousands of restaurants across more than 100 countries. As of 2024, the company is led by CEO John Chidsey, who took over leadership in 2019 and became the first CEO from outside the founding family.
Ownership Status of Subway/Owner of Subway
There is no single individual owner of Subway today. In 2023, Subway was acquired by private equity firm Roark Capital in a deal valued at approximately $9.6 billion.
Before this acquisition, Subway was privately owned by its founding families. After Fred DeLuca passed away in 2015, ownership interests were largely controlled by his estate and family members, along with co-founder Peter Buck’s family.
Following the 2023 acquisition, Subway is now owned by funds managed by Roark Capital.
Major Shareholders
| Shareholder / Entity | Ownership Percentage | Notes |
|---|---|---|
| Roark Capital (via affiliated funds) | Majority stake (controlling interest) | Acquired Subway in 2023 in a ~$9.6 billion private deal. |
| Founding Family Interests (prior to 2023) | Previously significant | Ownership transitioned after sale to Roark Capital. |
Note: Since Subway is privately owned, detailed ownership percentages are not publicly disclosed. The company is no longer publicly traded.
Key Shareholder Highlights
Subway’s current ownership is controlled by Roark Capital, a private equity firm that specializes in investing in franchise-based and consumer service companies. Neal Aronson is the Founder and Managing Partner of Roark Capital, the firm that acquired Subway in 2023.
Roark Capital was founded by Neal Aronson, who continues to lead the firm as Managing Partner and oversees its major investments, including Subway.
Roark Capital has a large portfolio of restaurant and franchise brands, including:
- Arby’s
- Dunkin’
- Buffalo Wild Wings
- Sonic Drive-In
Because Subway operates primarily through franchising, the new ownership structure is focused on brand modernization, technology upgrades, menu innovation, and international growth.
The acquisition marked a significant shift from family ownership to institutional private equity ownership.
Recent Developments in Ownership
In August 2023, Subway officially announced that it had entered into a definitive agreement to be acquired by Roark Capital. The transaction closed later in 2023.
This move came after several years of sales challenges, store closures in certain markets, and increased competition in the fast-casual restaurant sector. The new ownership aims to strengthen franchisee relationships and improve store performance.
Since the acquisition, Subway has continued its global rebranding efforts, including updated store designs and menu refreshes under its “Subway Series” initiative.
FAQs
1. Who is the current owner of Subway?
Subway is currently owned by private equity firm Roark Capital, which acquired the company in 2023.
2. Is Subway publicly traded or privately owned?
Subway is privately owned. It is not publicly traded on any stock exchange.
3. Who founded Subway?
Subway was founded by Fred DeLuca and Peter Buck in 1965.
4. How much was Subway sold for?
Subway was sold to Roark Capital in 2023 for approximately $9.6 billion.
5. Why did Subway sell to Roark Capital?
The sale allowed the founding families to transition ownership and provided Subway with financial backing to modernize operations and expand globally.
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