Blackstone Acquires Jersey Mike's Subs for $8B, Aiming for Expansion

Nov 19, 2024, 06:07 PM

Blackstone Inc., a leading private equity firm, has finalized a deal to acquire a majority stake in Jersey Mike's Subs, valuing the sandwich chain at approximately $8 billion, including debt. This transaction marks a significant milestone for Jersey Mike's, which has been a target for private equity investment throughout the year. The acquisition is aimed at accelerating the expansion of Jersey Mike's both within and beyond the U.S. market, with plans to leverage technological investments to support growth. Peter Cancro, who purchased the original sub shop at the age of 17 with a $125,000 loan while still a high school senior, will retain a significant equity stake and continue to lead the company. His entrepreneurial journey has now culminated in a net worth of $7 billion.