A few of the world’s largest buyout firms are exploring the potential for a joint bid for Subway, the $10bn (£8.3bn) sandwich chain.
Sky Information has learnt that Introduction Worldwide, Bain Capital and TPG are considering teaming up in a so-called ‘membership deal’ as a result of the general public sale of Subway nears the conclusion of a second spherical of bidding.
Bidders have thus far been prohibited from changing into a member of forces, nevertheless the dimension of the doable deal means private equity firms may need to secure companions in the event that they’re to complete a takeover of one in all many world’s largest fast-food operators.
Bankers rely on the chain to fetch a valuation of between $8bn (£6.6bn) and $10bn (£8.3bn) after its controlling family shareholders instructed JP Morgan to oversee an public sale.
Sky Information revealed in March that rival bidders along with Goldman Sachs’ asset administration arm and TDR Capital – which collectively owns Asda with the billionaire brothers Mohsin and Zuber Issa.
A change of possession of Subway may very well be the first since its maiden retailer was opened in Connecticut in 1965 by Peter Buck, a nuclear physicist.
Since then, it has grown into one in all many world’s largest quick-service restaurant chains all through 37,000 – primarily franchised – retailers in further than 100 worldwide areas.
Within the UK, Subway trades from larger than 2,000 web sites, selling made-to-order sandwiches, wraps and salads.
It’s bigger in Britain by number of retailers than rivals equal to Greggs and McDonald’s.
In a press launch earlier this yr, the company confirmed that its shareholders had been “exploring a doable sale of the corporate”.
“There is no such thing as a indication of timing or assurance {that a} sale will happen.
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“The administration workers stays devoted to the long term and might proceed to execute in direction of its multi-year transformation journey, which incorporates a take care of menu innovation, modernization of consuming locations and enhancements to its normal customer experience.
“The corporate not too long ago introduced one other record-setting 12 months, ending 2022 exceeding world gross sales projections and reaching eight consecutive quarters of optimistic same-store gross sales progress.”
Introduction, Bain and TPG all declined to comment.
