The late Subway founders, Fred DeLuca and Peter Buck, had no idea decades ago that the sandwich shop in Bridgeport, Conn., would grow into one of the world’s largest restaurant chains—or that the likes of Goldman Sachs would try to buy it. it is for $10 billion.
But that, apparently, is what happened. According to a Sky News report published on Saturday, the asset management arm of Goldman Sachs is one of the applicants for the sandwich chain, which has been sold at a price of approximately $10 billion.
As fortune reported in January, the heirs of DeLuca and Buck will join the ranks of the richest Americans if the sale goes through. At The Wall Street Journal first reported in the company hiring advisers to explore the sale.
Subway confirmed it was exploring the possibility of a sale in mid-February. It stated: “There is no indication of timing or assurance that a sale will occur. JP Morgan is advising the company and will conduct an exploratory sale process. The company does not intend to comment publicly on the process until it is completed.
Sky News, citing people close to the process, said Goldman Sachs was among at least some of the suitors, with others including Bain Capital, TDR Capital, TPG, and TSG Consumer Partners.
Goldman Sachs declined to comment on the matter fortune. Subway did not immediately respond to a request for comment.
In 1965, a young DeLuca asked Buck, a family friend and nuclear physicist, for advice on financing his college education, according to Insider. That prompted Buck to borrow $1,000 to start a sandwich shop — a move that eventually made both men billionaires.
DeLuca ran the company for decades as it grew rapidly in the US and internationally. Buck became a largely silent co-owner after the company moved to a franchise model in 1973.
From humble beginnings as Pete’s Super Submarines store—which actually paid for DeLuca’s University of Bridgeport education—the company has outgrown McDonald’s and every other restaurant chain in number of U.S. outlets. Approximately 21,000 domestic locations registered $9.4 billion in 2021, up 13% from 2020, and worldwide has approximately 37,000 stores, according to Journal.
In 2019, Subway brought in an outsider to lead, appointing former Burger King CEO John Chidsey. But it all remains a private business with two families behind the scenes.
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