Quiznos and JPMorgan Partners, a private equity affiliate of JPMorgan Chase & Co., announced today that they have entered into a definitive agreement under which JPMorgan Partners will become a significant ownership partner in Quiznos. Specific terms of the transaction were not disclosed.

Headquartered in Denver, Colorado, Quiznos is one of the fastest growing restaurant chains and the second largest player in the U.S. sandwich market, with more than 4,500 units currently open worldwide. Through its offering of subs, soups and salads, Quiznos provides a broad demographic of consumers with a high quality alternative to traditional fast food.

“We are extremely pleased to be partnering with JPMorgan Partners,” said Rick Schaden, Chairman and CEO of Quiznos. “With its extensive experience in leading consumer companies and nationally-recognized brands, we believe JPMorgan Partners is the ideal partner as we take our strong national brand to the next level. Over the past 25 years, our franchise owners and employees have built a tremendous organization, and joining with JPMorgan Partners will help us leverage the strong and unique platform that Quiznos has put in place. I look forward to working with JPMorgan Partners, along with our franchise owners, management team, vendors and employees, as we continue to drive the business forward and build Quiznos for the future.”

Stephen Murray, President of JPMorgan Partners, said, “Quiznos has a tremendous business model, supported by its strong brand equity, committed franchise owners and an experienced and entrepreneurial management team. We are delighted to have the opportunity to partner with a brand that is so highly regarded by consumers nationwide and build on the company’s track record of success in the U.S. sandwich market.”

Quiznos’ sole financial advisor was Goldman Sachs & Co. Legal counsel to Quiznos was Paul, Weiss, Rifkind, Wharton & Garrison LLP. JPMorgan Partners’ legal counsel was O’Melveny & Myers LLP.