Roark Capital has purchased Subway, marking the end of the sandwich chain’s family ownership and introducing a new chapter for the struggling company. The sale process, which began in February, concluded with Roark’s winning bid of approximately $9.6 billion. Roark currently owns various restaurant chains through its holdings, including Dunkin’, Baskin-Robbins, Arby’s, and Buffalo Wild Wings.

Despite Subway’s declining sales in recent years, the company has shown signs of a turnaround under CEO John Chidsey. The deal reflects Subway’s growth potential and the value of its brand and franchisees globally. Although Roark plans to keep Subway as a separate entity, the acquisition offers opportunities for the company’s revival.