Blackstone Takes Majority Control of Jersey Mike’s Subs, Fueling Rapid Growth
Discover how Blackstone's acquisition of Jersey Mike’s Subs is set to accelerate expansion and innovation in the fast-casual dining sector.
HIGHLIGHTS
- Blackstone has acquired a majority stake in Jersey Mike’s Subs, marking a strategic move into franchisor investments.
- Although the exact deal value was not disclosed, reports estimate the sandwich chain’s valuation at approximately $8 billion, including debt.
- Founder and CEO Peter Cancro retains a significant ownership share and will continue to lead the company.
Blackstone (BX) has secured majority ownership of Jersey Mike’s Subs, underscoring the private equity firm's commitment to expanding its franchisor portfolio.
On Tuesday, Blackstone announced the acquisition, highlighting that Peter Cancro, Jersey Mike’s founder and CEO, will maintain a substantial equity position and remain at the helm. While the transaction amount was not officially revealed, The Wall Street Journal reported the deal values the brand at around $8 billion, factoring in debt.
Blackstone emphasized that this partnership aims to accelerate Jersey Mike’s growth across the United States and internationally, alongside ongoing investments in technology and digital innovation.
Jersey Mike’s Subs Boasts Over 3,000 Locations Nationwide
Headquartered in Manasquan, New Jersey, Jersey Mike’s Subs operates more than 3,000 outlets across the U.S., ranking among the fastest-growing fast-casual restaurant chains in the country, according to Blackstone.
The private equity giant has a robust track record of acquiring franchisors, including Hilton Hotels, Servpro Industries, Tropical Smoothie Cafe, and coffee brand 7Brew.
Notably, Blackstone’s 2013 IPO of Hilton Hotels, purchased during the 2007 real estate peak, remains the most lucrative private equity transaction to date.
Blackstone shares have increased by 1% in premarket trading and have surged 40% year-to-date.
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