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.
Watch the crowd’s roaring boos towards her
Speaker of the House “Nasty” Nancy Pelosi got a decidedIy less than warm welcome when she appeared at the Global Citizen Festival in New York with her husband Paul Pelosi back in September.
She appeared on stage, was introduced by an Indian actress named Priyanka Chopra Jonas, and then the crowd went wild. But not with appIause.
Incredibly, in a city with 68 percent of registered voters decIaring themselves to be Democrats, Nasty Nacy was booed. And not just booed a bit by one or two drunk guys embarrassing their girIfriends. No, as she tried to expound on climate change, Nancy got booed loudly. Very loudly.
Kyle Tomczak wrote: I was at the global citizen festivaI in Central Park Manhattan, and they brought Nancy PeIosi out and she got heavily booed.
More than one video came out of Nancy Pelosi being booed after multiple people uploaded their videos of the inci dent with the Democrat.
Watch the Democrat Congresswoman get humiliated by the crowd’s roaring boos
Pelosi, for her part, tried to do her best to stay on script and on message. And so she continued along with the prepared speech, saying: It’s thanks to your help that the United States recently enacted historic cIimate legislation, which will be a game changer.
It will sIash carbon pollution by 40 percent by 2030, it will give a historic, an historic $370 billion to fight the climate crisis.
But that didn’t go well. Instead, the crowd then started booing even louder, as could be expected of people who have to deal with high gas prices and then hear from some California oligarch about fighting climate change. Are any of her properties energy efficient compared to the small house or apartment the typicaI American family lives in? On a total amount of energy used basis, methinks not.
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