Jersey Mike’s, the fast-expanding sandwich chain, is being acquired by private equity firm Blackstone.
The transaction is intended to “help Jersey Mike’s accelerate its expansion into the U.S. market and beyond,” the companies said Tuesday, as well as support ongoing technology investments. Under the terms of the deal, Jersey Mike’s founder and CEO Peter Cancrow will continue to lead the business and retain a “significant equity stake” in the chain.
Blackstone and Jersey Mikes did not immediately disclose financial terms in their Tuesday announcement. But the Wall Street Journal reported that the deal would value Jersey Mike’s at about $8 billion, including debt.
The transaction is expected to close in early 2025, subject to regulatory approvals and other closing conditions.
