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Discover the latest news and trends in restaurant mergers and acquisitions in 2024. Learn about the significant deals involving industry giants like Roark Capital, Blackstone, and Subway.


One of the major highlights in the restaurant industry in 2024 was Roark Capital's acquisition of Subway. Subway, known as the world's largest quick-service sandwich chain with nearly 37,000 franchised restaurants globally, became a part of Roark Capital in April. Roark Capital, a prominent Atlanta-based private equity firm with a strong foothold in the restaurant sector, added Subway to its impressive portfolio of brands.
Roark Capital's acquisition of Subway added to its already diverse portfolio of restaurant chains. The firm is a key operator behind Inspire Brands, which boasts a range of well-known brands including Arby’s, Buffalo Wild Wings, Sonic Drive-In, Dunkin’, Baskin-Robbins, and Jimmy John’s. Additionally, Roark Capital supports GoTo Foods, previously Focus Brands, which oversees franchises like Auntie Anne’s, Carvel, Cinnabon, and Moe’s Southwest Grill among others.
Another significant deal that shook the industry in 2024 was Blackstone's majority ownership position in Jersey Mike's. The popular sub shop, founded by Peter Cancro in 1975, saw Blackstone stepping in to accelerate its expansion plans and enhance its technological capabilities. Despite the acquisition, Peter Cancro maintained a significant equity stake in Jersey Mike's and continued to lead the company, ensuring continuity in its operations and growth strategy.

Blackstone's move to invest in Jersey Mike's aligned with its broader strategy in the restaurant sector. Prior to Jersey Mike's, Blackstone had already ventured into the industry with investments in Tropical Smoothie Café and 7 Brew Coffee. The acquisition of Jersey Mike's marked another milestone in Blackstone's efforts to capitalize on the evolving food and beverage landscape and foster growth for its portfolio companies.
The flurry of mergers and acquisitions in the restaurant industry in 2024 reflects the ongoing drive for expansion, innovation, and strategic partnerships. These deals not only reshape the competitive landscape but also influence consumer choices and market dynamics. Companies like Roark Capital and Blackstone are at the forefront of driving change and shaping the future of the foodservice industry through strategic acquisitions.