Jersey Mike’s sold to private equity firm Blackstone for $8B

NEW YORK — Jersey Mike’s, the quickly expanding sandwich chain, is being acquired by the private equity firm Blackstone.
The transaction is “intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market,” the companies said Tuesday, as well as aid ongoing technological investments. Under terms of the agreement, Jersey Mike’s founder and CEO Peter Cancro will continue to lead the business and maintains a “significant equity stake” in the chain.
Blackstone and Jersey Mike’s 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 around $8 billion, including debt.
The transaction is expected to be completed in early 2025, subject to regulatory approvals and other closing conditions.
Mike’s Subs opened its first location in Point Pleasant in 1956. The shop owner made a fateful hire in the summer of 1971 when he hired the then 14-year-old Cancro.
In 1975, Cancro secured a $125,00 loan with help from his football coach and bought the store. He soon opened two more locations. By 1987, Cancro had changed the name to “Jersey Mike’s” and began selling franchises.
There are 2,828 Jersey Mike’s in the country, including 140 in New Jersey.
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NJ Advance Media staff writer Jeff Goldman contributed to this report.