American restaurant chain Subway announced on Tuesday that it will more than triple its 700-outlet presence over the next decade, courtesy a master franchisee partnership with Everstone Group.
The agreement between Everstone, a Singapore-headquartered private investment firm with over $6 billion in investments across private equity and real estate, and Subway will lead the brand known for its salads and sandwiches adding over 2,000 outlets in India, Sri Lanka and Bangladesh to its present network of 700 outlets, as per an official statement.
“Everstone, with extensive knowledge and proven restaurant operational expertise in the region, is the ideal partner as we begin this new chapter for Subway in India and South Asia,” Subway's chief executive John Chidsey said.
Financial details of the tie-up were not shared.
“Subway is an iconic brand and its philosophy of freshly made-to-order and better-for-you food delivered at-home and in-store is central to one of the greatest structural consumer trends we see in South Asia,” said Sameer Sain, founder and chief executive, Everstone Group.
The tie-up will result in opening of new restaurants and also upgrading existing ones to a new design, as per the statement.
(With PTI inputs)
