Subway co-founder Peter Buck dies

Billionaire Peter Buck, co-founder of Milford-based Subway, has died at age 90, the sandwich chain announced.

Buck died on Nov. 18 at Danbury Hospital, the company announced. A cause of death was not revealed.

In a statement, Subway CEO John Chidsey called Buck “a shining example of a dedicated, hands-on leader and an integral member of the Subway family. … We are forever grateful for his countless contributions, and I speak on behalf of all of us at Subway when I say that we will honor his legacy as we continue to build this incredible brand.”

In 1965, Buck was working as a nuclear physicist when he loaned Fred DeLuca, a 17-year-old student at University of Bridgeport, $1,000 to open a sandwich shop. The Bridgeport shop was called “Pete’s Super Submarines,” named after Buck. In 1968, the restaurant was renamed Subway.

DeLuca’s obituary, published in The Courant in 2015, read, “After the restaurant’s grand-opening burst ... it became a money-losing operation. But DeLuca and Buck confronted failure with a curious strategy: They opened a second store. And then a third and a fourth and a fifth, figuring the expansion would give the impression of success while improving the visibility of the chain.”

That second restaurant opened in Wallingford. Buck and DeLuca’s “curious strategy” worked. The men formed Doctors Associates to franchise the restaurants. By 2015, Subway was the world’s fastest-growing franchise. At last count, the now-ubiquitous chain has more than 40,000 locations in more than 100 countries.

Forbes reports Buck’s net worth to be $1.7 billion. Buck also became known for his philanthropy, founding The Peter and Carmen Lucia Buck Foundation (pclbfoundation. org ) in 1999 with his wife. The foundation has funded initiatives in education, land conservation, medicine, journalism and other projects, with a special focus on the Danbury area.

Buck also donated a 23.10-carat ruby, which he called the Carmen Lucia Ruby, to Smithsonian Institution’s National Museum of Natural History. He also was the seventh-largest landowner in the country. According to landreport.com, Buck owned 1.236 million acres of land, primarily timberland in Maine, through his Tall Timbers Trust.

Buck was born in South Portland, Maine, on Dec. 19, 1930. He got his bachelor’s degree from Bowdoin College and master’s and doctorate in physics from Columbia University. He worked as a physicist from 1957 to 1978.

Buck is survived by sons Christopher and William and their wives and children.