Blackstone Buys Majority Stake in Jersey Mike’s for $8 Billion; CEO Cancro, Founder at 17, Retains Stake

Nov 19, 2024, 03:00 PM

Blackstone Group has struck a deal to acquire a majority stake in Jersey Mike's Subs, valuing the sandwich chain at approximately $8 billion, including debt. Peter Cancro, the billionaire CEO who purchased the original sub shop in 1975 at the age of 17 by borrowing $125,000, will maintain a significant equity stake and continue to lead the business. The transaction is intended to accelerate Jersey Mike's expansion across and beyond the U.S. market, as well as support ongoing technological investments. Jersey Mike's, currently the second-largest sub chain by sales with over 3,000 locations, has averaged 20% annual sales growth and is on track to achieve $4 billion in revenue this year.