Sectors · Sector

Restaurant franchising

1 breakdown and 12 tracked deals in this sector, compiled from public reporting.

Disclosed value counts only deals where a figure was made public. Most private equity transactions never are, so treat this as a floor, not a total.

The breakdowns

• Sep 5, 2026

  Who Owns Subway, Dunkin' and Arby's? Inside Roark Capital's Roll-Up

  Roark Capital quietly owns at least 19 restaurant brands, from Subway to Dunkin' to Arby's. How the franchise royalty roll-up works — and where it has failed.

Who is buying

The deals

1. 2001

   Carvel

   Acquisition · Roark Capital

   Still heldRestaurant Business Online — How is Roark Capital's track record? It's complicated
2. 2013

   CKE Restaurants (Carl's Jr., Hardee's)

   Acquisition · Roark Capital

   Still heldRestaurant Business Online — How is Roark Capital's track record? It's complicated
3. 2018

   Arby's, Buffalo Wild Wings and Sonic Drive-In

   Merger into holding company · Roark Capital

   CompletedWikipedia — Inspire Brands
4. 2018

   Jamba

   Acquisition · Roark Capital

   Still heldRestaurant Business Online — How is Roark Capital's track record? It's complicated
5. 2019

   Jimmy John's

   Acquisition · Roark Capital

   CompletedWikipedia — Inspire Brands
6. 2020-10-30$11.3B

   Dunkin' Brands (Dunkin', Baskin-Robbins)

   Acquisition (announced, including debt) · Roark Capital

   CompletedCNBC — Inspire Brands to buy Dunkin' Brands Group for $11.3 billion including debt
7. 2021

   Krispy Kreme

   IPO · JAB Holding

   ExitedRestaurant Business Online — JAB Holdings heads for the exits
8. 2024-04-30

   Subway

   Acquisition · Roark Capital

   CompletedNation's Restaurant News — Roark Capital completes its purchase of Subway
9. 2025-06$1B

   Dave's Hot Chicken

   Acquisition · Roark Capital

   CompletedLos AngelesBarchart — Dave's Hot Chicken sold to Subway owner Roark Capital in a $1 billion deal
10. date t.b.c.

    Corner Bakery

    Divestiture at a disappointing valuation · Roark Capital

    ExitedRestaurant Business Online — How is Roark Capital's track record? It's complicated
11. date t.b.c.

    Naf Naf Grill

    Divestiture at a disappointing valuation · Roark Capital

    ExitedRestaurant Business Online — How is Roark Capital's track record? It's complicated
12. date t.b.c.

    Au Bon Pain

    Divestiture · JAB Holding

    ExitedRestaurant Business Online — JAB Holdings heads for the exits

Compiled from public reporting. Not investment advice.