Goldman Sachs may have appetite for Subway chain
Subway might have a possible valuation of $10 billion
Goldman Sachs may have an interest in purchasing Subway.
Sky News reported Saturday interest in doing so had been expressed via indicative offer by the bank’s asset management business. The outlet cited anonymous people that it said were "close to the process."
The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., Nov. 17, 2021. (REUTERS/Andrew Kelly/File Photo / Reuters Photos)
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Goldman Sachs declined to comment. FOX Business also sent an inquiry to Subway.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GS | THE GOLDMAN SACHS GROUP INC. | 517.80 | -10.70 | -2.02% |
Subway recently revealed it was considering the possibility of selling but that "there is no indication of timing or assurance that a sale will occur." J.P. Morgan was selected as its advisor on the matter, the privately-held restaurant chain known for its foot-long sandwiches said at the time.
A Subway fast-food restaurant is seen on April 29, 2022 in Houston, Texas. The fast-food chain closed over 1,000 stores last year and reportedly has come under scrutiny regarding controversial ad campaigns and allegations of corrupt regional managers (Brandon Bell/Getty Images / Getty Images)
SUBWAY SAYS IT'S CONSIDERING SELLING
Sky News also identified Bain Capital, TPG and TDR Capital as interested in buying the sandwich chain. Those firms declined to comment.
Unnamed sources previously told the Wall Street Journal that Subway could see a valuation of upwards of $10 billion in a transaction.
Subway is looking to stop serving pre-sliced meat and use automatic meat slicers to cut meat in locations. (Subway / Fox News)
In early February, Subway said 2022 was a "record-setting year" for the company, with its global same-store sales posting a rise of over 9% year-over-year. North American same-store sales saw growth of nearly 8% in the same time frame, the company also said.
SUBWAY'S TWO FAMILIES SEE FORTUNE IN FOOT LONGS
Late last week, the company unveiled a second headquarters. The new one is located in Miami, Florida, while the other remains in Connecticut, the state where Fred DeLuca and Dr. Peter Buck started the chain.
The chain, whose beginnings date back to 1965, has been led by CEO John Chidsey since late 2019.