Subway is considering a sale that could value the sandwich chain at over $10B

According to people familiar with the situation, sandwich chain Subway has hired advisers to look into selling the privately held company.

According to the people, the process, which is still in its early stages, is expected to attract potential corporate buyers and private-equity firms and could value Subway at more than $10 billion. However, it is possible that there will be no sale or other deal.

Subway stated that it does not comment on ownership structure or business plans because it is a privately held company. The group also stated that they will continue to focus on moving the brand forward with their transformational journey in order to assist their franchisees in being successful and profitable.

Subway, based in Milford, Connecticut, is famous for its foot-long sandwiches and quick-service restaurants and has been owned by its two founding families for more than five decades.

According to industry research firm Technomic, Subway's approximately 21,000 U.S. locations made $9.4 billion in sales in 2021, up 13% from the previous year as the chain recovered from the pandemic and operational improvements boosted sales. As of 2021, the company had approximately 37,000 stores worldwide and was the largest restaurant chain in terms of U.S. locations.

It grew to become one of the world's largest restaurant chains by aggressively opening new locations, but has since faltered. According to Technomic, the chain's global sales peaked at $18 billion in 2012 before declining for several years.