Subway And This Fan-Favorite Sandwich Chain Share The Same Ownership

We live in an era where it seems a few huge corporations sit at the top of the food chain (so to speak), and they own many smaller companies. Disney, for example, owns ABC, Hulu, and ESPN, just to name a few. And where food is concerned, Kraft Heinz produces some Cracker Barrel grocery products, and owns Oscar Mayer, Lunchables, and even potato brand Ore-Ida. It's the same in the restaurant world, too, as Darden Restaurants famously owns Olive Garden, Cheddar's Scratch Kitchen, and Ruth's Chris Steak House. Another example is Subway, which is owned by Roark Capital, a private equity firm. It also happens to own another popular sandwich chain, Jimmy John's.

Roark actually acquired Jimmy John's first, in 2016, when it obtained a majority stake in the chain and gained control over its 2,500-plus restaurants across more than 40 states. Two years later, Roark designated it as part of its Inspire portfolio of brands when the latter was founded in 2018, and it has experienced quiet but consistent sales growth since 2020.

Subway, on the other hand, was acquired by Roark much more recently, in 2024. The sale made big headlines, as Subway — one of the most easily recognized fast food brands in existence — had more than 35,000 restaurants around the world at the time, but was in the midst of a decline.

Jimmy John's was clearly a good business for Roark to secure; just six years before the private equity firm gained control of it, it had opened its 1,000th store and was one of the fastest-growing chains in the country. But with thousands of stores closing from 2018 to 2023, the year it put itself up for sale, Subway might have seemed like a shabbier investment to outsiders.

Even after the sale, Subway's domestic numbers don't look great. According to a franchise filing, the chain reported a more than 6% loss in franchise revenue in 2025, with individual stores underperforming compared to rival brands (per Restaurant Drive). Customer dissatisfaction is up, as well, with many taking to social media to complain about Subway's soaring prices, as well as changes to its rewards program. In a recent example, the chain brought back its fan-favorite Sub Club in December 2025, only to remove it again in April 2026 after franchisees complained it was too generous.

But maybe Roark was looking beyond domestic numbers and focusing instead on the sub chain's international growth. Subway does seem to be everywhere, and has been looking to expand by 10,000 more locations abroad, particularly in South America and Asia.