Top Acquisition Deals of 2024: Subway and Jersey Mike’s among Major Players
In 2024, the restaurant industry saw some big changes with major mergers and acquisitions taking place. One of the notable transactions was Roark Capital’s acquisition of Subway, announced in August 2023 and completed in April. Subway, known for its quick-service sandwiches, boasts nearly 37,000 franchised restaurants worldwide and has joint headquarters in Shelton, Conn., and Miami. Roark Capital, based in Atlanta, is a well-established player in the restaurant business, backing brands like Arby’s, Buffalo Wild Wings, Sonic Drive-In, Dunkin’, Baskin-Robbins, and Jimmy John’s, among others. They also support GoTo Foods (formerly Focus Brands) and CKE, the parent company of Carl’s Jr. and Hardee’s, as well as Miller’s Ale House and the franchisor of Seattle’s Best Coffee.
Another significant acquisition was made by private equity giant Blackstone, which took a majority ownership position in Jersey Mike’s, the fast-growing sub shop founded by Peter Cancro in 1975. While the terms of the deal were not disclosed, Cancro retains a substantial stake in the business and will continue to lead it. The partnership with Blackstone aims to support Jersey Mike’s in expanding its presence within and beyond the U.S. market and to further enhance its technology and digital initiatives.
Blackstone’s investment history includes previous investments in Tropical Smoothie Café and 7 Brew Coffee, showcasing their focus on growth and innovation in the foodservice industry.
These acquisitions are just a snapshot of the M&A activities that shaped the restaurant landscape in 2024. For more information on these developments and other industry news, reach out to Ron Ruggless at [email protected] or follow him on Twitter @RonRuggless.
