Subway ECONOMIC

Supply Chain & Sourcing Relationships

• Subway states that its worldwide restaurant system operates through more than 35,000 restaurants independently owned and operated by franchisees; its current franchise material also states that franchisees pay an 8% royalty on gross sales and a 4.5% advertising fee, distinguishing franchise operations from centrally owned restaurant assets. ^{1, 2}

• Subway’s U.S. franchise FAQ identifies the Independent Purchasing Co-op as the exclusive purchasing agent for restaurants in that franchise programme, while Subway Systems Australia’s 2025 modern-slavery statement describes franchisee-owned independent purchasing cooperatives in major regions, including IPCEMEA; neither source identifies an Israeli purchasing co-op, supplier, importer, or occupied-territory sourcing arrangement. ^{2, 3}

• Historical reporting described franchise-linked operations in Israel, including a 2009 report that Gur Gal had leased a Herzliya Pituah restaurant site and was negotiating a Tel Aviv location; the report identifies this as franchisee activity rather than a Subway-owned asset or subsidiary. ⁴

• A March 1997 report stated that the Israeli franchisee’s operations extended to the “Territories,” identifying an operating restaurant in Al-Bira, a restaurant being established in Bethlehem, and prospective locations in Nablus and Bet Hanina; the article does not identify any outlet in an Israeli settlement, and the continuing status of those reported operations is unknown. ⁵

• The same 1997 report stated that prices at the reported “Territories” outlets matched those in Israel and that haulage costs to those outlets were higher, but it does not establish product origin or a Subway corporate distribution entity. ⁵

• No public evidence identified of direct Israeli agricultural suppliers, an Israeli importer-of-record entity, seasonal or counter-seasonal procurement, indirect Israeli-origin product supply through distributors, resellers, or private-label arrangements, or a current Subway warehouse or distributor in Israel or the occupied territories. This is a bounded-source finding. ^{4, 6, 7, 8, 9, 10, 2, 3}

Product Origin, Labeling & Regulatory Compliance

• No public evidence identified of Subway-specific settlement-origin products, customs, DEFRA, or country-of-origin-labelling enforcement findings, or a published corporate sourcing or labelling policy specifically addressing occupied territories. ^{4, 6, 8, 9, 10}

• The supplied document-scoped review found no mention of Subway in the 2023 OHCHR settlement-business database update, the UN Special Rapporteur’s 2025 report A/HRC/59/23, or OHCHR’s 2025 database-update announcement; these absences do not establish broader non-involvement. ^{8, 9, 10}

• The retrieved AFSC Investigate all-companies page and Who Profits company-database page contained no occurrence of “Subway,” but these rendered-page checks do not independently establish database-wide absence. ^{11, 12}

• The BDS Movement’s December 2024 corporate-priority guide contains no occurrence of “Subway”; as the guide presents a targeted-priority list, non-listing in that document does not establish absence from other BDS materials or other evidence sources. ¹³

Investment, Capital & Financial Exposure

• Subway announced that its sale to affiliates of Roark was completed on 30 April 2024, while the announcement does not identify the acquisition vehicle, transaction value, ownership percentages, or a complete post-transaction ownership chart. ¹⁴

• Associated Press reported that Jonathan Fitzpatrick joined as Subway CEO on 28 July 2025 following John Chidsey’s retirement, and described him as the first CEO hired since Roark acquired Subway; the report also states that Roark owns Driven Brands, where Fitzpatrick had previously been CEO. ¹⁵

• Driven Brands’ 2025 annual report states that Neal Aronson founded Roark Capital Management, LLC and has served as its managing partner since 2001; this is parent-level evidence rather than a Subway ownership filing and does not identify Subway’s acquisition vehicle or equity percentages. ¹⁶

• A 2024 Schedule 13G concerning Roark’s interest in Driven Brands identifies a chain of Delaware and Cayman entities and reports Aronson’s shared voting and dispositive power through Roark Capital GenPar III LLC; because the filing concerns Driven Brands rather than Subway, it cannot establish the legal chain holding Subway. ¹⁷

• Forbes describes Aronson as Roark’s founder, principal investor, and majority owner, but this secondary-source profile does not disclose Subway beneficial-ownership percentages. ¹⁸

• Historical reporting stated that Gur Gal’s 2009 Herzliya Pituah lease was for five years with a five-year extension option, but this was reported franchisee activity rather than evidence of a Subway-owned Israeli real-estate investment. ⁴

• The public docket index for Subway International B.V. v. Gal records a contract matter filed in the District of Connecticut on 26 December 2012 and a motion to confirm an arbitration award, without disclosing the underlying franchise terms, consideration, award, or Israeli connection. ¹⁹

• No public evidence identified of Subway’s acquisition or control of an Israeli operating company; Israeli research-and-development, manufacturing, data-centre, logistics, or real-estate investment; Israeli sovereign-bond or Israel Bonds exposure; or Israel-focused fund holdings. ^{4, 6, 14, 19}

• No public evidence identified in the retrieved sources of a material direct investment by Neal Aronson, Jonathan Fitzpatrick, the disclosed Subway C-suite, or a named personal or family-office vehicle in an Israeli company; this is a bounded-search finding, not proof of absence. ^{20, 21, 16, 17, 18}

Operational Presence & Market Activity

• Historical reporting differs on the chronology of Israeli operations: Globes reported a new Gur Gal franchisee and a Herzliya Pituah lease in 2009, while Ynet reported that Gal received Israeli franchise rights in 2011. ^{4, 6}

• Ynet reported in June 2014 that Gal had opened seven central-Israel branches and that the final branch had recently closed, while describing a proposed re-entry model through a regional representative rather than a single Israeli master franchisee. ⁶

• A 2026 Ynet retrospective reported that the Israeli activity closed in 2014 after failing to expand beyond single-digit locations and that Subway did not return to the Israeli market; this is press reporting rather than an official Subway closure notice or Israeli corporate-registry record. ²²

• Earlier reporting stated that “Subway Israel” operated 16 restaurants in July 1996, comprising two company-owned restaurants and 14 secondary franchises, while characterising the relevant transaction as concerning the Israeli franchise business rather than a disclosed global-parent subsidiary. ²³

• The 2026 retrospective described an earlier Israeli operation from 1992 to January 2003 before the Gur Gal operation, but it provides no underlying franchise agreements, registry extracts, or closure filings to resolve the precise chronology. ²²

• Subway announced an exclusive Nordic master-franchise agreement in May 2025; that announcement concerns Nordic Bites Group Oy and does not announce an Israeli agreement. ²⁴

• No public evidence identified of post-19 July 2024 or post-November 2024 Subway activity in Israel, the West Bank including East Jerusalem, or the Golan Heights, including a current settlement outlet, franchisee, reseller, service presence, warehouse, importer, or distributor. This conclusion is limited by the absence of a public post-acquisition ownership chart and a current official Israeli location or registry record. ^{5, 8, 9, 10, 19, 22, 25, 24}

Corporate Structure & Foundational Ties

• Subway’s terms identify Franchise World Headquarters, LLC as the entity on whose behalf the Subway Group website is operated, identify Subway IP LLC as owner of the registered Subway marks, and state that restaurants are owned and operated by independent franchisees. ²⁶

• Subway’s privacy notice identifies Subway IP LLC as owner of the proprietary worldwide restaurant system, FWH Technologies, LLC as owner and licensor of SubwayPOS software, and Franchise World Headquarters, LLC as a service company providing core business services to other Subway Group entities. ²⁷

• The same notice lists U.S. affiliates including Doctor’s Associates LLC, Franchisee Shipping Center Co., LLC, Subway Franchisee Advertising Fund Trust, Ltd., Subway IP, Inc., Subway MyWay, LLC, Subway Realty, LLC, and Subway Real Estate, LLC, alongside Subway International B.V. and certain international entities and branches; it does not disclose ownership percentages or a complete hierarchy. ²⁷

• The current Subway franchise website states that Subway US IP Holder LLC owns the Subway trademark. ²⁸

• Subway’s official history states that Fred DeLuca and Peter Buck opened the first restaurant in Bridgeport, Connecticut, in August 1965 and that franchising began in 1974, which is historical Connecticut founding evidence rather than Israeli founding or incorporation evidence. ²⁹

• Subway’s privacy notice gives Franchise World Headquarters, LLC’s privacy-team address as 1 Corporate Drive, Suite 1000, Shelton, Connecticut, United States. ²⁷

• Associated Press described Subway as having dual Miami and Connecticut headquarters in August 2023 and as Miami-based in July 2025; no current official document retrieved identifies Subway’s legal principal office or confirms that a dual-headquarters arrangement remains current. ^{15, 30}

• Subway’s leadership page identifies Jonathan Fitzpatrick as CEO; Damien Harmon as President, North America; Tracy Gehlan as President, Europe, Middle East and Africa; Joseph Hsu as President, Asia Pacific; Artemio Garza as President, Latin America and Caribbean; and Ben Selden, Dennis Leone, Miguel Piedra, and Asher Perlmutter as CFO, Chief Legal Officer, Chief People and Corporate Affairs Officer, and Chief Technology and Commercial Officer, respectively. ²⁰

• Fitzpatrick’s Subway biography states that he is also non-executive chair of Driven Brands. ²¹

• Subway’s franchise-sales page provides separate international development contacts for Europe and for the Middle East and Africa, but does not identify an Israeli franchisee, Israeli office, or Israeli group entity. ²⁵

• The Israel Franchise Institute’s 2021 brochure represents that its founder, Steven Wolfson, had been a Subway country developer for almost ten years, including Israel, and had worked with Subway’s international development team; the self-description supplies no contract dates, ownership details, outlet list, or settlement nexus. ³¹

• No public evidence identified of an Israeli-incorporated Subway Group subsidiary, Israeli headquarters, Israeli tax residency or PTE status, Israeli controlling ownership, Israeli state ownership, government appointees, Israeli critical-infrastructure designation, or an acquired or controlled Israeli operating company. ^{14, 27, 25, 26, 16, 17}

Profit Repatriation & Economic Contribution

• The historical franchise reports identify Israeli franchise activity but disclose no Israel-attributable revenue, franchise royalty payments, workforce, tax payments, payroll, import values, or current economic-sector significance. ^{4, 5, 6, 22, 23}

• A Ynet report stated that the Israeli Subway chain had won a 2001 tender expected to supply sandwiches to IDF soldiers and estimated the tender at NIS 20 million, but no primary tender notice, award, contract, delivery record, or payment record was located in the research memo, so the report does not independently establish performance of the reported arrangement. ³²

• No public evidence identified of current Israel-attributable profit repatriation, disclosed franchise royalties, tax payments, payroll, or other quantified economic contribution by Subway. ^{4, 6, 22, 15, 24}