[{"id":"627fd95ef6252ef230c28f23","investor":"Inspire Brands","subject":"Jimmy John's","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.849612+00:00","source_url":"https://inspirebrands.com/about-us/","source_title":"Inspire Brands — about us","note":"Inspire identifies this brand in its restaurant portfolio. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"74a21329f73db76012e5f81f","investor":"Inspire Brands","subject":"Buffalo Wild Wings","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.849270+00:00","source_url":"https://inspirebrands.com/about-us/","source_title":"Inspire Brands — about us","note":"Inspire identifies this brand in its restaurant portfolio. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"ff2760fd4d521d2c546929f1","investor":"Inspire Brands","subject":"Sonic","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.848962+00:00","source_url":"https://inspirebrands.com/about-us/","source_title":"Inspire Brands — about us","note":"Inspire identifies this brand in its restaurant portfolio. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"7a9f94bbbbebe48f6a5a5917","investor":"Inspire Brands","subject":"Dunkin'","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.848642+00:00","source_url":"https://inspirebrands.com/about-us/","source_title":"Inspire Brands — about us","note":"Inspire identifies this brand in its restaurant portfolio. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"654127ad408e2f1ad949a42b","investor":"Inspire Brands","subject":"Baskin-Robbins","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.848290+00:00","source_url":"https://inspirebrands.com/about-us/","source_title":"Inspire Brands — about us","note":"Inspire identifies this brand in its restaurant portfolio. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"b4edff44441fa35cf3fd6864","investor":"Inspire Brands","subject":"Arby's","relation":"brand_parent","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.847916+00:00","source_url":"https://inspirebrands.com/about-us/","source_title":"Inspire Brands — about us","note":"Inspire identifies this brand in its restaurant portfolio. Brand hierarchy only; individual franchise operators are not classified by this relationship.","supersedes":null},{"id":"4baeec8de97d63ca9d5a74e8","investor":"Roark Capital","subject":"Subway","relation":"pe_investment","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.847565+00:00","source_url":"https://www.roarkcapital.com/portfolio","source_title":"Roark current portfolio","note":"Listed in Roark’s current portfolio when reviewed. The listing does not disclose an ownership percentage or new transaction date.","supersedes":null},{"id":"d925d7ac0f680187ec1b7f0e","investor":"Roark Capital","subject":"Inspire Brands","relation":"pe_investment","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2026-09-21","recorded_at":"2026-09-21T11:54:04.847243+00:00","source_url":"https://www.roarkcapital.com/portfolio","source_title":"Roark current portfolio","note":"Listed in Roark’s current portfolio when reviewed. The listing does not disclose an ownership percentage or new transaction date.","supersedes":null},{"id":"bf52893ff12ce7fc80008e04","investor":"Blackstone","subject":"Tropical Smoothie Cafe","relation":"pe_investment","action":"acquired","stake":"unknown","effective_on":"2024-06-10","observed_on":"2024-06-10","recorded_at":"2026-09-21T11:54:04.852098+00:00","source_url":"https://www.blackstone.com/news/press/blackstone-completes-acquisition-of-tropical-smoothie-cafe/","source_title":"Blackstone completes Tropical Smoothie Cafe acquisition","note":"Blackstone-managed private equity funds completed the purchase of the franchisor. Terms were not disclosed. No claim is made about individual franchisee equity.","supersedes":null},{"id":"d5861aa28f082c77890f6074","investor":"Levine Leichtman Capital Partners","subject":"Tropical Smoothie Cafe","relation":"pe_investment","action":"exited","stake":"unknown","effective_on":"2024-06-10","observed_on":"2024-06-10","recorded_at":"2026-09-21T11:54:04.851796+00:00","source_url":"https://www.blackstone.com/news/press/blackstone-completes-acquisition-of-tropical-smoothie-cafe/","source_title":"Blackstone completes Tropical Smoothie Cafe acquisition","note":"Blackstone reports completion of the purchase from LLCP. This records the seller’s exit on the completed transaction date.","supersedes":null},{"id":"3a562c167ed8d196f6278950","investor":"Roark Capital","subject":"Subway","relation":"pe_investment","action":"acquired","stake":"unknown","effective_on":"2024-04-30","observed_on":"2024-04-30","recorded_at":"2026-09-21T11:54:04.846604+00:00","source_url":"https://newsroom.subway.com/2024-04-30-Subway-R-Sale-to-Roark-is-Complete","source_title":"Subway sale to Roark is complete","note":"Subway reports its sale to Roark affiliates completed. The source describes restaurants as franchisee-owned and operated; this event concerns the brand.","supersedes":null},{"id":"cd284d75c893326050ceba85","investor":"Roark Capital","subject":"Subway","relation":"pe_investment","action":"announced","stake":"unknown","effective_on":null,"observed_on":"2023-08-24","recorded_at":"2026-09-21T11:54:04.845979+00:00","source_url":"https://newsroom.subway.com/2023-08-24-Subway-R-Announces-Sale-to-Roark-Capital","source_title":"Subway announces sale to Roark","note":"Subway announced an agreement to sell to Roark affiliates. An announcement alone does not establish a completed transfer.","supersedes":null},{"id":"5fc3562292995644714c5f6e","investor":"Levine Leichtman Capital Partners","subject":"Tropical Smoothie Cafe","relation":"pe_investment","action":"observed","stake":"unknown","effective_on":null,"observed_on":"2020-09-08","recorded_at":"2026-09-21T11:54:04.849909+00:00","source_url":"https://www.prnewswire.com/news-releases/levine-leichtman-capital-partners-and-management-acquire-tropical-smoothie-cafe-301125434.html","source_title":"LLCP and management acquire Tropical Smoothie Cafe","note":"LLCP announced its acquisition alongside management. Ownership is observed at publication; exact closing date and percentage are not asserted.","supersedes":null},{"id":"ca989edb3a2faba6e620363f","investor":"Roark Capital","subject":"Inspire Brands","relation":"pe_investment","action":"observed","stake":"control","effective_on":null,"observed_on":"2018-02-05","recorded_at":"2026-09-21T11:54:04.846929+00:00","source_url":"https://inspirebrands.com/inspire-brands-launches-today-with-arbys-buffalo-wild-wings-as-foundation/","source_title":"Inspire Brands launches","note":"Inspire identifies Roark as its majority owner at launch. This observation establishes control at publication, not a separate purchase date.","supersedes":null}]