Jersey Mike’s Subs will sell its majority share to private equity firm Blackstone – according to a statement released today.
Today, Blackstone told its investors, “Blackstone’s most recent flagship private equity vehicle will acquire a majority ownership position in Jersey Mike’s.” According to the private equity giant, the partnership with Blackstone will help Jersey Mike’s “accelerate its expansion across and beyond the U.S. market.” Jersey Mike’s currently has more than 3,000 locations nationwide.
The companies intend to keep familiarity at the top, stating, “Jersey Mike’s Founder and CEO, Peter Cancro, will maintain a significant equity stake and continue to lead the business.” Cancro has been with Jersey Mike’s for almost 50 years.
Cancro stated: “We believe we are still in the early innings of Jersey Mike’s growth story and that Blackstone is the right partner to help us reach even greater heights. Blackstone has helped drive the success of some of the most iconic franchise businesses globally and we look forward to working with them to help make significant new investments going forward.”
The deal is expected to be finalized in early 2025.
By CEO NA Editorial Staff
