Subway is being purchased by the equity firm Roark Capital Partners, the chain restaurant announced Thursday.

The purchase comes after reports of Subway exploring a deal, with one report stating the chain was seeking a $10 billion sale. Roark Capital Partners's acquisition of Subway adds another restaurant chain to the ones that Roark already owns, including Sonic, Arby's, Baskin-Robbins, Auntie Anne's, and Jimmy John's among others.

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"This transaction reflects Subway's long-term growth potential, and the substantial value of our brand and our franchisees around the world," Subway CEO John Chidsey said in a press release. "Subway has a bright future with Roark, and we are committed to continuing to focus on a win-win-win approach for our franchisees, our guests and our employees."

Roark is a private equity firm with $37 billion in assets under its management and is based in Atlanta, Georgia. Subway has described the acquisition as a major milestone.

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J.P. Morgan, a financial services company, is advising Subway on this sale. In February, it was reported that the company was helping Subway explore a sale.

Subway's acquisition comes after it closed more stores over the past few years, with 571 stores being shuttered in 2022, according to a report.