Roark Capital, a private equity firm specializing in franchise and multi-location businesses, has completed its acquisition of Subway, the world’s largest quick-service sandwich chain with nearly 37,000 franchised restaurants globally.

This is the first change in ownership of Subway since it was founded by the late Fred DeLuca in 1965 as Pete’s Super Submarines (Peter Buck financed the opening). It was renamed Subway in 1972 and began franchising in 1974.

Paul, Weiss, Rifkind, Wharton & Garrison LLP advised Roark Capital with a team led by corporate partners Jeffrey Marell and Sarah Stasny.

Sullivan & Cromwell LLP represented Subway with a team that included global head of M&A Melissa Sawyer, M&A partner Frank Aquila, and M&A associate Lisa Morales.