If you walked into a Subway a few years ago and asked who was pulling the strings, the answer was easy. It was the families. For nearly sixty years, the world’s most ubiquitous sandwich shop was a tightly held family affair, born from a $1,000 loan and a handshake between a teenager and a nuclear physicist. But things look a lot different now.
Honestly, the "family-owned" vibe at Subway is officially ancient history.
Who owns Subway company right now?
The short answer is Roark Capital. This Atlanta-based private equity titan officially closed its deal to buy Subway on April 30, 2024. If you haven't heard of Roark, you’ve definitely eaten their food. They are the massive umbrella behind Inspire Brands and GoTo Foods. Basically, they are the undisputed kings of the food court.
The price tag? A staggering $9.55 billion.
It wasn't a simple "here's a check" situation, either. The deal included what’s called an "earn-out" provision. This means a chunk of that multi-billion dollar payout was actually tied to how well the restaurants performed after the sale. It’s a classic move when a buyer thinks a brand might be a bit fixer-upper-ish. Roark was betting that Subway's turnaround—which started under CEO John Chidsey—was the real deal.
🔗 Read more: ROST Stock Price History: What Most People Get Wrong
The Roark Capital Portfolio: Subway's New Siblings
It’s kinda wild when you look at who Subway is roommates with now. Roark doesn’t just dabble in sandwiches; they own the whole lunch rush.
By bringing Subway into the fold, Roark created a bit of a sandwich monopoly that actually got the Federal Trade Commission (FTC) all worked up for a minute. Think about it. Roark already owned Jimmy John’s, Arby’s, and McAlister’s Deli. When you add Subway’s nearly 37,000 global locations to that list, you’re looking at a massive chunk of the "meat between bread" market.
But wait, there’s more. Roark’s reach extends to:
- Dunkin' and Baskin-Robbins (via Inspire Brands)
- Sonic Drive-In and Buffalo Wild Wings
- Auntie Anne’s, Cinnabon, and Carvel
- Dave’s Hot Chicken (which they snagged in 2025 for another $1 billion)
So, when you ask who owns Subway, you're asking about a firm that manages over $40 billion in assets. They aren't sandwich artists; they're asset managers.
💡 You might also like: 53 Scott Ave Brooklyn NY: What It Actually Costs to Build a Creative Empire in East Williamsburg
Why did the families finally sell?
You might wonder why the DeLuca and Buck families gave up the ghost after six decades. It wasn't exactly a snap decision.
Fred DeLuca, the co-founder who started the whole thing as "Pete's Super Submarines" in 1965, passed away in 2015. His partner, Dr. Peter Buck, died in 2021. Once the original visionaries were gone, the "next generation" had to figure out what to do with a brand that was, frankly, struggling.
Subway had become a bit of a punching bag in the mid-2010s. Store counts were shrinking. Franchisees were frustrated. The menu felt stale. By the time 2023 rolled around, the families—specifically Elisabeth DeLuca and the heirs of Peter Buck—decided it was time to cash out. Fun fact: Peter Buck actually left instructions in his will to donate his 50% stake to his family foundation, which turned the Subway sale into one of the single largest charitable gifts in history.
Is Subway still a franchise?
This is a big distinction. While Roark Capital owns the company (the brand, the intellectual property, the corporate structure), they don't own the individual shops.
📖 Related: The Big Buydown Bet: Why Homebuyers Are Gambling on Temporary Rates
Almost every single one of those 37,000 Subways is owned and operated by a franchisee. These are independent business owners who pay a fee to use the Subway name. Under the new Roark ownership, the "corporate" side is focusing more on multi-unit owners—people who own 20 or 50 stores—rather than the "mom and pop" single-store owners that built the brand in the 70s and 80s.
It’s a shift toward professionalization. They want the stores to look the same, taste the same, and use those fancy new deli slicers they spent $80 million installing.
What has changed since the takeover?
If you’ve noticed more "Subway Series" ads or those long "Sidekicks" cookies, that’s the new regime at work. Roark and CEO John Chidsey (the first CEO not from the founding families) have been aggressive.
- The Menu Revamp: They moved away from the "build your own" model that defined the 2000s, pushing pre-set "Chef-inspired" sandwiches instead.
- Digital Dominance: They finally forced all franchises to accept digital coupons and revamped the app.
- International Growth: The plan now is to explode in places like China, where they signed a deal to open 4,000 new locations.
The Bottom Line on Subway Ownership
Subway is no longer a family business run from Connecticut. It is a crown jewel in a private equity empire. Roark Capital owns the brand, but the sandwiches are still made by thousands of local entrepreneurs.
For the average person, this doesn't change much about your Tuesday lunch. But for the business world, it marks the end of an era. The "handshake deal" that started it all has been replaced by a 9.5-billion-dollar contract.
Next Steps for the Curious:
- Check your local Subway's "franchise disclosure" info if you're curious about who specifically runs the shop in your town.
- Watch Roark Capital’s next moves in the "chicken wars"—their 2025 acquisition of Dave’s Hot Chicken suggests they are pivoting toward trendy, fast-growth brands to complement Subway’s massive, steady footprint.
- If you're looking into the stock market, remember that Subway (via Roark) is still private. You can't buy shares of Subway on the NYSE, but you can track the performance of the broader fast-food sector to see if Roark’s "consolidation" strategy is actually paying off.