Roark Capital buys Subway in one of biggest acquisitions in fast-food industry

Subway has sold itself to private equity firm Roark Capital, ending a six-month long search for a buyer. It brings to an end the sandwich chain’s near six-decade run as a family-owned business, a media report said. Roark’s deal is one of the biggest acquisitions in fast food history, coming in just under Inspire Brands’ $11.3 billion purchase of Dunkin’ in October 2020. Roark owns Inspire, which also operates Subway rival Jimmy John’s..

US banks launch $30bn rescue of First Republic to stem crisis

Wall Street banks have moved to end the US’s spiraling banking crisis by agreeing to prop up troubled First Republic, a mid-sized bank whose shares have been pummeled amid a wider banking turmoil. Bank of America, Goldman Sachs, JP Morgan and others will deposit $30 billion in First Republic, which has seen customers yank their money following the collapse of Silicon Valley Bank (SVB) and fears that First Republic could be next.