In a transaction that signed on August 23, 2023, Milbank LLP advised a syndicate of major investment banks in connection with providing financing commitments to affiliates of Roark Capital Group to support the acquisition of Subway Restaurants (“Subway”). Milbank also represented a number of the banks in connection with the diligence and structuring of a staple financing product for the sale.
As one of the world's largest quick service restaurant brands, Subway serves freshly made-to-order sandwiches, wraps, salads and bowls to millions of guests, across more than 100 countries in nearly 37,000 restaurants every day. Subway restaurants are owned and operated by Subway franchisees – a network that includes thousands of dedicated entrepreneurs and small business owners – who are committed to delivering the best guest experience possible in their local communities.
The Milbank deal team was led by Alternative Investments partners Kathryn (Katie) Weiss, Michael Urschel and Martin Eid along with Global Leveraged Finance partner Benjamin Miles. Assistance was also provided by Capital Markets partner Brett Nadritch, Executive Compensation and Employee Benefits partner Joel Krasnow, Tax partners Eschi Rahimi-Laridjani and Andrew Walker, special counsel Bert Eidson, Miranda Stupart and Craig Cohen, associates Amber Dong, Shermarkeh Hussein, Charlene Yin and Diane Lee.
