Blackstone Buys Majority Stake in Jersey Mike’s

Blackstone has agreed to acquire a majority stake in sandwich chain Jersey Mike’s Subs. The asset manager will invest through its flagship private equity vehicle, with additional investment expected from its private equity strategy for individual investors. Financial terms of the deal, which is expected to close early in 2025, were not disclosed but the company is reportedly valued at $8 billion.

Peter Cancro, who began his employment at Jersey Mike’s original Point Pleasant, N.J., location at 14 and acquired it at 17, will continue to serve as CEO and maintain a substantial equity stake. Jersey Mike’s has expanded to over 3,000 locations across the country under his leadership.

The partnership aims to fuel Jersey Mike’s international growth and digital transformation. Blackstone has been increasingly active in the food franchise sector, having previously invested in Hilton Hotels, SERVPRO, Tropical Smoothie Cafe and 7Brew.

Guggenheim Securities and Morgan Stanley & Co. LLC are acting as financial advisors and White & Case LLP served as legal counsel to Jersey Mike’s. Barclays and Bank of America are acting as financial advisors and Simpson Thacher & Bartlett LLP served as legal counsel to Blackstone.