Blackstone Acquires Controlling Stake in Jersey Mike's

Blackstone, a prominent private equity firm, has agreed to acquire a controlling stake in Jersey Mike's Subs, valuing the sandwich chain at approximately $8 billion. This acquisition marks a major milestone for Jersey Mike's, which has grown to over 3,000 locations worldwide, making it one of the fastest-growing fast-casual restaurant chains in the U.S. Founder and CEO Peter Cancro will retain a significant equity stake and continue to lead the company as it accelerates its expansion both domestically and internationally. The transaction is expected to close by early 2025, pending regulatory approval, and aims to boost Jersey Mike's technological and digital transformation. The deal underscores Blackstone's strategy of investing in franchisors, following similar acquisitions such as Tropical Smoothie Cafe and Hilton Hotels. This move is part of Blackstone's broader strategy to leverage its resources to drive growth in consumer-facing businesses.