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The firm joins rival bidders including Goldman Sachs (NYSE:GS)’ asset management arm, Bain Capital, TDR Capital – the joint owner of Asda – and TPG, according to the report.
Advent had previously invested in entertainment retailer HMV and currently has investments in companies such as Laird International and McAfee Corp, among others.
Subway said in February it was exploring a possible sale of its business amid surging costs and rising competition from deeper-pocketed rivals.
Advent International declined to comment, while Subway did not respond to a Reuters request for comment.
The Wall Street Journal in January reported that a potential sale could value Subway at more than $10 billion.
