Who Owns Subway?
Updated onExplore the ownership hierarchy of Subway. See parent companies, holding structures, and ultimate controllers.
Ownership Chain
Subway
Subway is an American multinational fast food restaurant franchise specializing in made-to-order submarine sandwiches, wraps, and salads.
Roark Capital
Roark Capital is an Atlanta-based private equity firm that invests in consumer and business service companies, with a focus on franchise and multi-location brands.
Subway
Subway is an American multinational fast food restaurant franchise specializing in made-to-order submarine sandwiches, wraps, and salads.
Roark Capital
Roark Capital is an Atlanta-based private equity firm that invests in consumer and business service companies, with a focus on franchise and multi-location brands.
Major Shareholders
Subway
Major Shareholders
| Name | Type | Ownership | Voting | As of |
|---|---|---|---|---|
Roark Capital (affiliates of Roark Capital Management, LLC) Atlanta-based private equity firm that acquired Doctor’s Associates (doing business as Subway) and related Subway IP entities in a transaction valued at roughly $9.5–$9.6 billion; the deal closed on April 30, 2024, marking the first change in control of Subway since its founding. | Institutional | — | — | Apr 2024 |
Peter and Carmen Lucia Buck Foundation, Inc. (former owner) Family foundation that received Subway co‑founder Peter Buck’s 50% stake in Subway (via Doctor’s Associates) under his will, making it a co‑owner of the company alongside the DeLuca family prior to the sale to Roark Capital; it exited its position when the Roark transaction closed. | Family | 50.0% | 50.0% | Jan 2023 |
Elisabeth “Liz” DeLuca and the DeLuca family (former owners) Widow and family of co‑founder Fred DeLuca; widely reported as owning roughly half of Subway for many years, jointly controlling the privately held parent company together with Peter Buck (and later the Peter and Carmen Lucia Buck Foundation) until the business was sold to Roark Capital in 2024. | Family | 50.0% | 50.0% | Jan 2023 |
Roark Capital
Major Shareholders
| Name | Type | Ownership | As of |
|---|---|---|---|
Neal K. Aronson Founder and Managing Partner of Roark Capital Group; Forbes describes him as the principal investor behind Roark Capital and states that he remains the firm’s majority owner. The exact equity percentage is not publicly disclosed, and the firm is otherwise privately held with additional minority ownership believed to be held by other Roark partners and employees. | Founder | — | Dec 2025 |
Get Started
Your ultimate competitive playbook
You just found your top competitors. Now let's map your whole landscape and show you how to stand out.
Competitive Landscape Report
Built for small teams who can't hire a full-time analyst.
$129 $260 one-time payment
Generated in minutes, no subscription.
Instead of guessing what to do about your competitors, get a done-for-you intelligence report
Competitor Map
Direct, indirect, and alternative competitors mapped across your market
Positioning Analysis
How each competitor positions, their ICP, and key differentiators
Feature & Pricing Matrix
Side-by-side comparison of features, pricing, and packaging strategies
Growth Channel Analysis
SEO, paid ads, content, and social strategies across the landscape
Reputation & Social Proof
Ratings, reviews, and sentiment analysis across all competitors
90-Day Action Plan
Specific tactics to differentiate and win more deals in the next 3 months