MILFORD, CONN. — Private equity firm Roark Capital is close to acquiring Subway for approximately $9.6 billion, according to an Aug. 21 article in The Wall Street Journal. Other private equity firms still could make a higher offer and prevail, according to the article.

Doctor’s Associates Inc., the owner of the Milford-based quick-service chain since its inception in 1965, in February announced Subway was for sale. 

Subway operates about 37,000 restaurants in over 100 countries. In North America, its largest market, the company has about 20,000 restaurants. Douglas Fry, currently country director of Subway Canada, is scheduled to become president of North America on Sept. 5.