Food

Blackstone Acquires Jersey Mike's

Ken Metral

19 Nov 2024 — 1 min read

Image Credit: Jersey Mike's/Michael Rivera

Private equity firm Blackstone has acquired a controlling stake in Jersey Mike's Subs, valuing the sandwich chain at approximately $8 billion. Founder and CEO Peter Cancro will retain a significant equity stake and continue to lead the company. This partnership aims to accelerate Jersey Mike's expansion across and beyond the U.S. market and enhance its investment in technology and digital transformation.

Jersey Mike's, based in Manasquan, New Jersey, operates over 3,000 locations nationwide, making it one of the fastest-growing fast-casual restaurant chains in the U.S. Blackstone's investment aligns with its history of acquiring franchisors, including Hilton Hotels and Tropical Smoothie Cafe. The deal is expected to close in early 2025, pending regulatory approvals.

This acquisition reflects a broader trend of private equity firms investing in restaurant chains with strong growth potential. Jersey Mike's plans to leverage Blackstone's resources to further its expansion and technological advancements, aiming to reach 4,000 locations and $6.5 billion in sales by 2027.

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