3 sources·Business

Blackstone Acquires Jersey Mike's Subs for $8 Billion

Blackstone's acquisition of Jersey Mike's aims to accelerate expansion and technological investment, valuing the sandwich chain at around $8 billion.

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Updated: Nov 19th, 2024, 3:06 PM ET

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Blackstone has announced its acquisition of Jersey Mike's Subs for approximately $8 billion, enhancing the sandwich chain's growth potential. The deal, expected to close in early 2025, will allow Jersey Mike's to expand its 3,000 locations further domestically and internationally. Founder Peter Cancro will retain a significant equity stake and continue leading the business. This acquisition follows Blackstone's growing investments in franchise operations and comes after Roark Capital's acquisition of rival Subway. Blackstone aims to leverage its expertise in boosting the success of franchise businesses to support Jersey Mike's future growth.

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