Quick Facts: Subway
| Owner | Roark Capital Group |
| CEO | John Chidsey |
| Founded | 1965 |
| Headquarters | Milford, Connecticut, USA |
| Ownership Type | Private |
| Stock Ticker | N/A |
| Publicly Traded | No |
Who Owns Subway?
Subway is owned by Roark Capital Group, an Atlanta-based private equity firm that completed the acquisition of the sandwich chain in 2023. The deal, valued at approximately $9.55 billion, represented one of the largest restaurant industry transactions in history and ended decades of family ownership of the Subway brand. Roark Capital specializes in franchise-based businesses and consumer brands, making Subway one of the crown jewels in its extensive food and beverage portfolio.
Subway was founded in 1965 by Fred DeLuca and Peter Buck with a $1,000 loan from Buck to help the then-17-year-old DeLuca open a sandwich shop in Bridgeport, Connecticut. DeLuca guided the franchise’s expansion for nearly five decades, growing it into the world’s largest fast-food chain by location count. Following DeLuca’s death from leukemia in September 2015, his sister Suzanne Greco led the company for several years before John Chidsey was brought on as CEO in 2019 to modernize the brand and oversee a long-awaited franchise refresh. Peter Buck’s family retained ownership stakes until the Roark acquisition.
With Roark Capital now at the helm, Subway joins a portfolio that includes Arby’s, Buffalo Wild Wings, Sonic Drive-In, Jimmy John’s, and other major restaurant brands. Roark Capital’s founder, Neal Aronson, built the firm around franchise-model businesses with strong unit economics. The Subway acquisition gives Roark control over a system of more than 37,000 locations worldwide, spanning over 100 countries — a franchise footprint that remains unrivaled in the quick-service restaurant industry.
About Roark Capital Group
Roark Capital Group is a private equity firm founded in 2001 and headquartered in Atlanta, Georgia. The firm focuses exclusively on franchise and multi-location businesses, building a portfolio of iconic consumer brands in food service, fitness, and personal care. Roark’s restaurant holdings include Arby’s Restaurant Group (parent of Arby’s and Buffalo Wild Wings), Sonic Corp., Jimmy John’s, and now Subway — collectively giving Roark control of thousands of restaurant locations globally. The firm was named after Howard Roark, the fictional protagonist of Ayn Rand’s novel The Fountainhead. Roark Capital is privately held and does not publicly disclose its financial performance.
Key Ownership Highlights
- Roark Capital acquired Subway in 2023: The approximately $9.55 billion deal closed in 2023, making it one of the largest quick-service restaurant acquisitions in history. Roark Capital beat out other bidders to take full ownership of the Subway franchise system.
- Fred DeLuca built Subway from a $1,000 investment: Co-founder Fred DeLuca turned a single Bridgeport, Connecticut sandwich shop into the world’s largest fast-food chain by location count. At its peak, Subway had over 44,000 locations globally, surpassing even McDonald’s in total units.
- Subway is privately held: Unlike many major fast-food brands, Subway has never been publicly traded. The company remains a private enterprise under Roark Capital, meaning it is not required to disclose financial results to the public.
- John Chidsey led the brand’s turnaround: Brought in as CEO in 2019, John Chidsey oversaw the “Eat Fresh Refresh” menu modernization that updated Subway’s bread, proteins, and sandwich options for the first time in years, reversing a multi-year trend of location closures.
- Roark’s franchise empire: With Subway added to its portfolio, Roark Capital controls one of the largest collections of franchise-based restaurant brands in the world, including Arby’s, Buffalo Wild Wings, Sonic, and Jimmy John’s.
Frequently Asked Questions
Who owns Subway?
Subway is owned by Roark Capital Group, an Atlanta-based private equity firm that completed the acquisition of Subway in 2023 for approximately $9.55 billion. Roark Capital specializes in franchise-model businesses and also owns Arby’s, Buffalo Wild Wings, Sonic, and Jimmy John’s.
Is Subway publicly traded?
No. Subway is a privately held company and has never been listed on a public stock exchange. As a private company under Roark Capital, Subway is not required to disclose its financial results publicly.
Who founded Subway?
Subway was founded in 1965 by Fred DeLuca and Peter Buck in Bridgeport, Connecticut. DeLuca was 17 years old when he opened the first location with a $1,000 loan from Buck, a family friend and nuclear physicist.
How many Subway locations are there worldwide?
Subway operates more than 37,000 locations in over 100 countries, making it one of the largest fast-food chains in the world by number of locations. At its peak the chain had over 44,000 locations globally.
