By Laura McGuire
A flock of the world’s biggest buyout firms are eyeing the possibility of a joint bid forSubway, joining the owners of Asda in the race to acquire the sandwich chain.
Advent International, Bain Capital and TPG are considering teaming up in a so-called “club deal” as the second round of auctioning for the American fast-food chain draws to a conclusion, Sky News reports.
Before this point, bidders were not allowed to join forces, but the size of the £8bn deal means that “will need to secure partners” if they are to close the takeover.
The ‘club deal’ posse will join Goldman Sachs Asset Management (GSAM) and TDR Capital which jointly owns supermarket Asda with the billionaireIssa brothers in the battle to snap up Subway.
Subway, which beats McDonalds as the largest global fast food chain, has remained a family owned business up until this point.
The family owned business has some 2,000 sites in the UK where it sells sandwiches, wraps and salads.
In a statement earlier this year, the company told its shareholders it was “exploring a possible sale of the company”. “There is no indication of timing or assurance that a sale will occur,” it said.
City A.M has contacted Advent, Bain and TPG for a comment.
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