Beautiful Virgin Islands

Monday, Jun 30, 2025

Goldman Sachs arm among bidders with appetite for $10bn Subway

Goldman Sachs arm among bidders with appetite for $10bn Subway

Goldman's Asset Management arm, Bain Capital, TPG and the Asda shareholder TDR Capital are among the suitors for the vast US-based sandwich chain.
An arm of the Wall Street behemoth Goldman Sachs is among the suitors hoping to take a mouthful of Subway, the global sandwich chain which has been put up for sale with an estimated $10bn price tag.

Sky News has learnt that Goldman Sachs Asset Management (GSAM) is one of at least a handful of parties which tabled indicative offers for Subway this week.

People close to the process said on Saturday that Bain Capital, TDR Capital - which jointly owns Asda and the petrol forecourts giant EG Group - and TPG had also lodged their interest.

TSG Consumer Partners, which counts Brewdog among its investments, was also monitoring the situation.

The array of suitors for Subway has emerged weeks after the family-owned chain said it was exploring a sale.

The first Subway store was opened in Connecticut in 1965 by Peter Buck, a nuclear physicist.

Since then, it has grown into one of the world's largest quick-service restaurant chains across 37,000 - mainly franchised - outlets in more than 100 countries.

In the UK, Subway trades from more than 2,000 sites, selling made-to-order sandwiches, wraps and salads.

It is bigger in Britain by number of outlets than rivals such as Greggs and McDonald's.

A sale could value the business at $10bn or more, according to the Wall Street Journal, although the structure of any deal remains unclear.

In a statement last month, the company confirmed that its shareholders were "exploring a possible sale of the company".

"There is no indication of timing or assurance that a sale will occur.

"The management team remains committed to the future and will continue to execute against its multi-year transformation journey, which includes a focus on menu innovation, modernisation of restaurants and improvements to its overall guest experience.

"The company recently announced another record-setting year, ending 2022 exceeding global sales projections and achieving eight consecutive quarters of positive same-store sales growth."

Bankers at JP Morgan are overseeing the sale process, with a number of other bidders also said to have expressed an interest.

At $10bn, a takeover would be too large for some of the initial bidders to execute alone, meaning that some may seek to team up with each other or with investors in their private equity funds.

Goldman's emergence as a potential buyer of Subway is intriguing given that it participates in relatively few auctions of this nature.

Its interest is through a division of GSAM which used to be known internally as its Principal Investment Area (PIA).

Bain was among the bidders for Boots, the chemist, when its owners pursued an aborted sale last year, while as the owner of several food-service brands, TDR has experience in the sector.

Subway could not be reached for comment, while Goldman Sachs, Bain, TDR and TPG all declined to comment.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
Russian Shadow Payments via Cryptocurrency Reach $9 Billion
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
×