Roark Capital

What does Roark Capital own?
Roark Capital owns a portfolio of consumer and business services companies generating approximately $100 billion in annual system revenue. Through Inspire Brands, it owns Arby's, Baskin-Robbins, Buffalo Wild Wings, Dunkin', Jimmy John's, and Sonic. It owns Subway directly. Through GoTo Foods, it owns Cinnabon, Auntie Anne's, McAlister's Deli, Moe's Southwest Grill, Jamba, Carvel, and Schlotzsky's. It also owns CKE Restaurants (Carl's Jr., Hardee's), Dave's Hot Chicken, Driven Brands, ServiceMaster, Massage Envy, Primrose Schools, Purpose Brands (Anytime Fitness, Orangetheory), and Parts Town Unlimited.

Is Roark Capital publicly traded?
No, Roark Capital is a privately held private equity firm. The firm is owned by its partners, led by founder and managing partner Neal Aronson. However, Inspire Brands, Roark's restaurant holding company, confidentially filed for an IPO in May 2026, which would make a portion of the portfolio publicly traded.

Who founded Roark Capital?
Roark Capital was founded in 2001 by Neal Aronson in Atlanta, Georgia. Aronson previously co-founded U.S. Franchise Systems, a hotel franchising company. He named the firm after Howard Roark, the protagonist of Ayn Rand's novel The Fountainhead.

Where is Roark Capital headquartered?
Roark Capital is headquartered in Atlanta, Georgia, USA. The firm has been based in Atlanta since its founding in 2001 and has not relocated its headquarters.

How much does Roark Capital have in assets under management?
Roark Capital manages $41 billion in assets as of mid-2026, according to the firm. The firm's most recent SEC Form ADV filing reports approximately $34.2 billion in regulatory assets under management, with the difference attributable to co-investment vehicles and other arrangements outside the regulatory filing scope.

How many restaurant locations does Roark Capital control?
Roark Capital controls roughly 80,000 restaurant locations worldwide. This includes Subway (approximately 37,000), Inspire Brands (33,300-plus), GoTo Foods (7,100-plus), and CKE Restaurants (approximately 3,800), plus Dave's Hot Chicken and other holdings. That total is nearly double McDonald's approximately 45,356 locations.

What was Roark Capital's largest acquisition?
The Dunkin' Brands acquisition in 2020 was Roark's largest deal at $11.3 billion including assumed debt. The Subway acquisition in 2023 was the second-largest at approximately $9.6 billion, making it the third-largest U.S. restaurant transaction on record. Both deals significantly increased the firm's leverage.

Roark Capital was founded in 2001 by Neal Aronson in Atlanta, Georgia. Aronson had previously co-founded U.S. Franchise Systems, a hotel franchising company that acquired brands including Microtel and Hawthorn Suites. His experience in franchising shaped Roark Capital's investment thesis from the beginning.

The firm's early investments were in smaller franchise brands. Roark acquired Carvel Ice Cream in 2001 and Cinnabon in 2004, both of which would later become part of Focus Brands (renamed GoTo Foods in February 2024). These early deals established the pattern of acquiring franchise brands and growing them through operational improvements and add-on acquisitions.

A major turning point came in 2011, when Roark acquired Arby's from Wendy's/Arby's Group for approximately $130 million. At the time, Arby's was struggling with declining sales and an outdated brand image. Under Roark's ownership, Arby's underwent a turnaround that included menu simplification, marketing repositioning, and operational improvements. The chain's same-store sales grew for 13 consecutive quarters under Roark's management.

In 2014, Roark acquired Buffalo Wild Wings competitor concepts and continued building its restaurant platform. The firm acquired Sonic Drive-In in 2018 for $2.3 billion and Jimmy John's in 2019 for an undisclosed amount. Also in 2018, Roark created Inspire Brands as a holding company to manage its growing restaurant portfolio, initially comprising Arby's, Buffalo Wild Wings, and Sonic.

The Dunkin' acquisition in 2020 was Roark's largest deal to that point. The firm acquired Dunkin' Brands, which included Dunkin' and Baskin-Robbins, for $11.3 billion including assumed debt. The deal loaded Inspire Brands with roughly $8 billion in debt. Both brands were added to the Inspire platform, making Inspire the second-largest U.S. restaurant company by system sales.

In 2023, Roark agreed to acquire Subway for approximately $9.6 billion, making it the third-largest U.S. restaurant deal on record. The Federal Trade Commission reviewed the transaction after Senator Elizabeth Warren raised concerns about market concentration in the sandwich category. The FTC ultimately allowed the deal to proceed, and it closed in April 2024. Subway operates nearly 37,000 restaurants across more than 100 countries.

In 2025, Roark acquired a majority stake in Dave's Hot Chicken for approximately $1 billion. The fast-growing Nashville-style hot chicken chain had expanded from a single street food stand in 2017 to over 300 locations by 2025. The same year, Roark's Parts Town Unlimited portfolio company launched an employee ownership program called "Town Shares."

By 2026, Roark's portfolio was beginning to pivot toward exits. Inspire Brands confidentially filed for an initial public offering in May 2026, a move that would hand partial ownership of the Arby's, Dunkin', and Jimmy John's parent to public shareholders. The IPO was expected to value Inspire at a significant premium to the combined acquisition costs.

The Subway acquisition drew the most regulatory attention of any Roark Capital deal. Senator Elizabeth Warren publicly opposed the transaction, arguing that combining Subway with Jimmy John's, Arby's, and McAlister's under one owner would concentrate too much of the sandwich market. The FTC conducted an extended review but ultimately allowed the deal to proceed, and it closed in April 2024 without requiring divestitures.

Private equity ownership of restaurant chains has faced broader criticism from labor advocates and policymakers. Roark's portfolio companies have been criticized for labor practices, including franchisee compliance with wage and hour laws and scheduling practices. The firm's use of leverage in acquisitions has also drawn attention: the Dunkin' deal added roughly $8 billion in debt to Inspire Brands, and the Subway acquisition added another $9 billion-plus in debt to the portfolio.

The sheer scale of Roark's restaurant holdings has raised questions about market power in franchise negotiations. Franchisees across multiple Roark brands have expressed concerns about shared ownership of competing brands, potential data sharing, and the negotiation of supply chain contracts. The American Franchisee Association and similar groups have called for greater scrutiny of private equity consolidation in franchising.