Subway confirmed Tuesday that it's exploring a possible sale of the group with a deal that some estimates have said could value the second-largest restaurant chain in the United States at more than $10 billion.
Subway, which is based in Milford, Conn., has been owned by the families of its co-founders, Fred DeLuca and Peter Buck, for more than 50 years, operates around 21,000 restaurants in the U.S. -- and 37,000 worldwide -- and generates annual revenues in the region of $10 billion.
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JPMorgan is advising the group, Subway said, but indicated that there is no guarantee of either the timing of the sale or its assurance, adding it does not intend to comment until the process has been completed.
"The management team remains committed to the future and will continue to execute against its multi-year transformation journey, which includes a focus on menu innovation, modernization of restaurants and improvements to its overall guest experience," Subway said in a statement.
"The company recently announced another record-setting year, ending 2022 exceeding global sales projections and achieving eight consecutive quarters of positive same-store sales growth," the statement added.
The group is currently run by former Burger King CEO John Chidsey, who joined Subway in 2019 and immediately embarked on a turnaround plan that involved shuttering unprofitable restaurants and paring corporate staff.
Subway also revamped its menu to shorten customer wait times and launched aggressive new promotions, such as the Footlong Pass that costs $15 and gives holders 50% off its full-size sandwiches over the course of a month.
