Advent International has stopped working on a potential deal for Subway as the auction of the sandwich chain drags on, according to people familiar with the matter.

The US buyout firm, which had been teamed up with Goldman Sachs Group Inc.’s asset management arm, is no longer actively pursuing a takeover, the people said. The firms had been competing with private equity firms including Roark Capital Group and London-based TDR Capital in the auction.

One of the most recognizable names in fast-food dining, Subway said in February it was exploring a sale and working with JPMorgan Chase & Co. Subway is expected to fetch more than $9 billion, having initially sought over $10 billion, Bloomberg News previously reported. While JPMorgan is offering some financing to the eventual buyer, bidders are free to choose their own source of debt.

The auction has been delayed after initial expectations that a winner would be chosen by July, according to the people, who asked not to be identified discussing confidential information. Subway initially drew about 20 bids, Bloomberg News reported.

No final decisions have been made and another winning suitor could emerge, the people said. Representatives for Advent, Goldman Sachs Asset Management, TDR and Subway declined to comment, while a spokesperson for Roark didn’t immediately provide comment.

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Having fallen behind competitors in recent years, Subway appointed a new chief executive officer in 2019 and embarked on a turnaround plan that included upgrades to its restaurants, menu and digital offerings. Efforts to refresh the brand have included the launch of fresh-sliced meats, following in the footsteps of competitors such as Jersey Mike’s, and a contest where a superfan can win free sandwiches for life — if they commit to legally changing their first name to “Subway.”

--With assistance from Crystal Tse.