Wed Nov 20 21:40:00 UTC 2024: **Blackstone to Acquire Jersey Mike’s Subs for Approximately $8 Billion**
NEW YORK (AP) — Private equity giant Blackstone is set to acquire a majority stake in the rapidly expanding sandwich chain Jersey Mike’s for an estimated $8 billion, the companies announced Tuesday. The deal, expected to close in early 2025, will fuel Jersey Mike’s expansion both domestically and internationally, as well as support further technological investments.
Jersey Mike’s founder and CEO Peter Cancro will retain a significant equity stake and continue to lead the company. Cancro stated that Blackstone’s expertise in growing franchise businesses makes them the ideal partner to propel the company’s continued growth.
The deal marks another significant investment in the restaurant sector for Blackstone, following their acquisition of Tropical Smoothie Cafe earlier this year. Jersey Mike’s, which boasts over 2,800 locations and $3.3 billion in 2023 sales (a 25% increase from the previous year), has seen dramatic growth in recent years, outpacing competitors like Subway. This acquisition follows a similar trend in the restaurant industry, with Subway also recently acquired by a private equity firm. The transaction is subject to regulatory approvals.
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