Jersey Mike’s sold at $8 billion value to private equity firm

Jersey’s Mike’s sandwich store has been sold to a backstage equity steadfast successful a woody that values the institution astatine $8 billion.

Blackstone, 1 of the world’s largest backstage equity firms, purchased a controlling involvement successful the New Jersey-based institution that has go 1 of the fastest increasing fast-casual restaurants successful the country.

“We judge we are inactive successful the aboriginal innings of Jersey Mike’s maturation communicative and that Blackstone is the close spouse to assistance america scope adjacent greater heights,” Jersey Mike’s CEO Peter Cancro said successful a statement.

Cancro, 67, volition clasp a important equity involvement successful the institution and his rubric arsenic CEO. He has been portion of the institution since helium worked determination erstwhile it was a azygous sub store known arsenic Mike’s Subs successful Point Pleasant, N.J. He bought it outright with assistance from his younker shot manager successful 1975, erstwhile helium was conscionable 17.

“We are excited to spouse with an entrepreneur of Peter’s caliber and the talented Jersey Mike’s team,” said Peter Wallace, a elder managing manager astatine Blackstone. “Our superior and resources volition assistance enactment cardinal investments successful maturation and exertion for the payment of Jersey Mike’s customers and exceptional franchisees.”

Jersey’s Mike’s sandwich store has been sold to a backstage equity steadfast successful a woody that values the institution astatine billion. (Shutterstock)

Blackstone has a past of purchasing companies and pursuing accelerated expansion. The steadfast touted its erstwhile occurrence with Hilton Hotels and ServPro. Jersey Mike’s has been expanding importantly successful the past decade, going from 857 stores successful 2014 to much than 2,000 successful 2024.

Earlier this year, Blackstone made a akin acquisition of Tropical Smoothie Cafe, with plans to turn that company’s footprint arsenic well.

“Blackstone has helped thrust the occurrence of immoderate of the astir iconic franchise businesses globally and we look guardant to moving with them to assistance marque important caller investments going forward,” Cancro said.

With News Wire Services