Subway acquired by Roark Capital Group affiliates

Basis

• USD 8.9bn enterprise value is a FundComb estimate. Public sources reviewed confirm the transaction, but do not independently disclose every valuation input.
• Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
• EV / EBITDA: 12x.
• EBITDA and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
• Secondary reports put base price at approximately USD8.95bn, used as estimated whole-company EV proxy under FCR-211. Reuters headline USD9.55bn includes USD600m earnout; another report gives maximum USD9.55–9.6bn and earnout USD600–650m, preserved as ranges. Secondary article attributes FY2023 revenue USD971.9m to franchise disclosure document; underlying document and corporate perimeter unverified. Reuters Breakingviews reports approximately USD800m EBITDA and roughly12x at rounded USD9.6bn. The reported revenue and EBITDA perimeters cannot be reconciled (the commentary also cites around5% margins), so scalars remain blank and figures are retained here separately. Reported12x is not recalculated from base price; EBITDA period and basis unspecified. Reported roughly12x multiple uses USD9.6bn headline value, distinct from approximate USD8.95bn base EV proxy. No operating denominator or margin inferred. Reported roughly12x multiple uses USD9.6bn headline value, distinct from approximate USD8.95bn base EV proxy. No operating denominator or margin inferred.