Subway Sandwich Chain Will Be Sold To Arby's And Dunkin' Owner

MILFORD, CT — It's official: the Subway sandwich chain will be sold to the private equity firm Roark Capital, which owns Arby’s, Dunkin’ and Buffalo Wild Wings, Subway said Thursday.

Roark Capital had recently pulled ahead of rivals TDR and Sycamore at a $9.6 billion bid for the Milford-based company, the Wall Street Journal reported earlier this week.

The sandwich chain initially pushed its bidding deadline from July to August after failing to get the $10 billion minimum it was seeking in its sale, sources told The New York Post.

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The Wall Street Journal first reported in January about the privately-owned company's potential sale and its possible value of more than $10 billion.

Subway officially announced it was considering a possible sale of the company in February and that J.P. Morgan would be its advisor.

As of May, bids for the chain had ranged between $8.5 billion and $10 billion, a source told Reuters.

Subway is based in Milford, but plans to move its headquarters to Shelton this fall, the Shelton Herald reported in June.

Some of the company's consumer-facing departments moved to Miami in 2021.

The Associated Press contributed to this report.