Private equity firm Juuri Partners to accelerate Subway’s® growth in Finland and Sweden


The entry of private equity firms into franchising-based global consumer brands is a rarity in Finland, even though it’s a familiar financial model for Subway for growth in other countries.

Finnish private equity firm Juuri Partners has invested in DAF Group Oy, which is responsible for managing Subway’s business in Finland and Sweden through a long-term development agreement. Juuri Partners becomes a significant minority shareholder in DAF Group. Local entrepreneurs are at the center of Subway’s business, operating the brand’s restaurants through franchising agreements. DAF Group Oy is responsible for the operations of almost 40 Subway restaurants in Finland.

Through the investment, DAF Group will expand its operations in Finland and Sweden, intending to strengthen its restaurant network and invest in its current restaurants’ digitalisation and improved guest experience. DAF Group currently employs approximately 450 people. Finland and Sweden in total have nearly 340 Subway-restaurants with over 3000 employees.

Juuri Partners invests into established and profitable small and medium sized companies. Juuri offers growth-oriented companies a form of business financing and development that combines active minority shareholding and strategic business support. Juuri Partners has special capabilities in digitalisation and taking SMEs into international markets. This is why Juuri Partners is a perfect strategic growth partner for Subway.

Subway EMEA President Mike Kehoe said:

“We knew from the outset that Juuri Partners were an ideal fit for DAF Group and its entrepreneurs, and could help deliver their clear vision for Subway growth over the next few years in Finland and Sweden. We are excited about the partnership, as Juuri Partners’ team are both entrepreneurially-minded, as well as experienced in developing different business models and resolving barriers to growth.”

DAF Group sparked Juuri Partners’ interest through its growth potential in Finland and especially in Sweden.

“As one of the world’s best known restaurant brands, Subway has its own unique offering on the high street, and it has shown strong belief in DAF Group led by Petteri Lehtimäki. Whilst we are a growth partner for DAF Group, providing financing as an active shareholder, we also offer significant experience in developing business opportunities, and offer strong credentials in both digital innovation/transformation and ESG”, commented Juuri Partners’ partner Markus Einiö.

“When we began in the restaurant business over 15 years ago, we could not have imagined that a small ostrobothnian based company would manage the operations of an international restaurant giant such as Subway across Finland and Sweden. The work done by our excellent team over the years has made it possible for a significant Finnish private equity firm to accelerate our journey towards being a large player in the Nordic restaurant business. By working with Juuri Partners, we gain more resources, expertise and networks, to help us reach the ambitious growth targets set together with Subway”, says DAF Group Oy CEO Petteri Lehtimäki.

Further information:
CEO Petteri Lehtimäki, p. 040 830 9476,
Partner, Markus Einiö, p. 050 594 6363,

DAF Group Oy
DAF Group Oy, through its subsidiaries DA Finland Oy and Resty Nordic AB, is in charge of managing and developing the business of Subway-restaurants in Finland and Sweden. The approximately 40 Subway-restaurants owned by the group are managed by its subsidiary Subcom Oy. The group’s revenue in 2022 was close to 25 million euros and the group employs nearly 450 people.

Juuri Partners Oy
The 12-person team of Juuri Partners manages the private equity funds Juuri Rahasto I Ky and Juuri Rahasto II Ky amounting to approximately €200 million, which finance established and profitable small- and medium-sized enterprises in Finland. Juuri Partners offers growth-oriented companies a business financing and development concept that combines active ownership, debt financing and strategic business support. The investor base for the funds comprises both Finnish and international institutional investors.

Subway® Restaurants
As one of the world’s largest quick service restaurant brands, Subway serves freshly made-to-order sandwiches, wraps, salads and bowls to millions of guests, across more than 100 countries in nearly 37,000 restaurants every day. Subway restaurants are owned and operated by Subway franchisees – a network that includes thousands of dedicated entrepreneurs and small business owners –
who are committed to delivering the best guest experience possible in their local
communities. Subway® is a Registered Trademark of Subway IP LLC. © 2023 Subway IP LLC

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