Franchise Titans Fuel Port of Subs' Growth with Leadership Overhaul

DENVER, CO – January 19, 2026 – In a strategic maneuver signaling a new era of aggressive growth, franchise investment firm Area 15 Ventures and its portfolio company, Port of Subs, have announced a coordinated leadership transition. The move places seasoned executives with a proven track record of scaling global brands at the helm, aiming to transform the 50-year-old sandwich chain from a regional favorite into a national powerhouse.

The shuffle solidifies a leadership structure built on decades of partnership and a clear philosophy of mentorship. Adam Contos, former CEO of real estate giant RE/MAX, has been named Managing Partner of Area 15 Ventures. He takes the reins from RE/MAX co-founder Dave Liniger, who will now serve as Chairman. Simultaneously, Healey Mendicino, a long-time Port of Subs insider who began her journey as a franchisee, has been promoted to CEO of the sandwich brand, adding to her current role as President.

The RE/MAX Playbook Reloaded

The leadership changes at Area 15 Ventures represent a deliberate continuation of a long-standing and highly successful partnership between Dave Liniger and Adam Contos. Their collaboration, forged during their tenure building RE/MAX into a global network of over 140,000 agents, is now the driving force behind Area 15 Ventures, a private equity firm they describe as a "franchise growth engine." The duo, recently honored with the Hall of Fame Award at Franchise Springboard 2025 for their contributions to the industry, specializes in identifying high-potential franchise brands and injecting them with the capital and strategic expertise needed for exponential growth.

This transition is a familiar one for the pair. "This transition reflects continuity, as this marks the second time in my career I've passed the baton to Adam," said Liniger. "He is the natural fit to lead Area 15 Ventures into its next chapter, and I have complete confidence in his leadership. As Chairman, I'll remain involved in strategy and our firm's success, while making more time for family and my personal endeavors."

Contos, who served as Interim CEO of Port of Subs following its acquisition in 2023, brings a unique blend of experience from law enforcement as a SWAT commander to corporate leadership. His tenure as CEO of RE/MAX Holdings was marked by record growth and a culture-driven performance model. His focus is now on applying that same blueprint to Area 15's portfolio, which includes other emerging brands like Daddy's Chicken Shack.

"Dave has been both a mentor and a friend for much of my career, and it's an incredible honor to have his trust as we move into the next phase for Area 15," said Contos. "I've had the privilege of learning from him for many years, and I look forward to carrying on his vision and continuing to grow our impact."

A Franchisee's Ascent to the Helm

The leadership philosophy championed by Contos and Liniger—empowering leaders from within—is most vividly illustrated by the promotion of Healey Mendicino to CEO of Port of Subs. Her career trajectory with the brand provides a compelling narrative of internal succession and deep-rooted brand knowledge.

Mendicino's story with Port of Subs began not in the boardroom, but behind the counter. A lifelong entrepreneur with a background in commercial real estate, she first entered the system as a franchisee, notably opening the brand's 100th location. This experience ignited a passion for the franchising model, which she saw as a powerful vehicle for creating opportunity. She later expanded into multi-unit operations with Port of Subs and another national diner brand, giving her a comprehensive, 360-degree view of the franchising ecosystem from both the franchisee and franchisor perspectives.

She joined the Port of Subs corporate team in 2012, eventually rising to Executive Vice President, where she led franchise development and company strategy. Following the 2023 acquisition by Area 15 Ventures, she was named President and tasked with guiding the brand through a pivotal transformation. Under her leadership, the company retained all its team members and embarked on a mission to rebuild its culture around "people, purpose, and performance" as it prepared for its most ambitious growth phase to date.

"Stepping into the CEO role is an honor, and I'm fueled every day by the mentorship of Dave Liniger and Adam Contos," said Mendicino. "I'm inspired by the chance to lift people, strengthen our culture, and lead a brand that truly changes lives, one sub and one franchisee at a time."

Port of Subs' Ambitious National Push

With new leadership firmly in place, Port of Subs is poised for an aggressive national expansion that aims to fundamentally alter its market position. The brand, which has operated for over five decades primarily in seven Western states, is now executing a plan to open 500 new locations within the next six years, with over 300 already in the development pipeline.

This rapid growth is fueled by a shift to a Regional Developer model, empowering experienced partners to spearhead development in new territories. The strategy is already bearing fruit. In late 2023, the company signed a 40-unit deal to expand across Northern Utah. More significantly, in late 2024, it announced a landmark 70-store development agreement for the Greater Washington D.C. area, a market far from its traditional base. Other key target states include Florida, Texas, and Minnesota, where a 60-unit deal is already underway.

This expansion comes at a time of flux in the $42 billion U.S. sandwich sector. While market leader Subway has seen its market share decline, brands like Jersey Mike's have experienced explosive growth, demonstrating a significant appetite for high-quality, fresh alternatives. Port of Subs, with its long-standing commitment to "slicing fresh" and made-to-order sandwiches, is well-positioned to capitalize on this trend. Since the Area 15 acquisition, the brand has seen system sales climb by approximately 7%, with average unit volumes approaching $600,000, providing a solid financial foundation for its national ambitions.

A Portfolio Built on Experience

The strategic moves at Port of Subs are not happening in a vacuum. They are a core part of the broader strategy of Area 15 Ventures, which leverages the Liniger family's deep franchising DNA to build a portfolio of high-growth businesses. Unlike traditional private equity firms often focused on short-term flips, Area 15 Ventures operates with a long-term hold philosophy, aiming to build sustainable cash flow and fortify the operational systems of its companies.

The firm's portfolio includes Daddy's Chicken Shack, another emerging franchisor with over 150 units in development, alongside investments in diverse industries. The common thread is the application of the knowledge honed through the global scaling of RE/MAX and the successful launch of Motto Mortgage. This "franchise growth engine" provides portfolio companies with more than just capital; it offers invaluable expertise in marketing, franchise sales, franchisee relations, and international expansion. By installing proven leaders like Contos and elevating experienced operators like Mendicino, Area 15 Ventures is executing a meticulous, people-first strategy designed to build the next generation of iconic franchise brands.