Buyout firm Advent International is among a list of firms that remain in contention to buy sandwich chain Subway, Sky News has reported.
The firm joins rival bidders including Goldman Sachs' asset management arm, Bain Capital, TDR Capital – the joint owner of Asda – and TPG, according to the report.
Sky News added that TSG Consumer Partners, which previously invested in Brewdog, has 'also been monitoring the situation'.
Advent Investments
Advent had previously invested in entertainment retailer HMV and currently has investments in companies such as Laird International and McAfee Corp, among others.
Subway said in February it was exploring a possible sale of its business amid surging costs and rising competition from deeper-pocketed rivals.
Read More: Subway To Explore Possible Sale
Potential Value
The Wall Street Journal said last month a potential sale could value Subway at more than $10 billion (€9.17 billion).
Founded in 1965 by 17-year-old Fred DeLuca and family friend Peter Buck, the company has been owned by the founding families since its first restaurant opened as 'Pete's Super Submarines' in Bridgeport, Connecticut.
It now has more than 37,000 restaurants in over 100 countries.
Subway ended 2022 achieving eight consecutive quarters of positive sales. It noted new product introductions and growth in digital and non-traditional channels as key drivers of its positive sales momentum.
The global results showed a 9.2% increase in same-store sales, compared to 2021, and a 29.1% increase in same-store sales, compared to 2020.
News by Reuters, edited by ESM – your source for the latest A Brands news. Click subscribe to sign up to ESM: European Supermarket Magazine.
