Operations

Jersey Mike’s acquired for $8B

Photo: Jersey Mike's

November 19, 2024

Asset management firm Blackstone, which recently invested in Tropical Smoothie Cafe and 7Brew, is acquiring Jersey Mike's for $8 billion, according to the AP.

"The deal should "enable Jersey Mike's to accelerate its expansion across and beyond the U.S. market," the companies said. It will also fund technological investments.

Although Jersey Mike's and Blackstone, which previously acquired Hilton Hotels and SERVPRO, did not disclose financial terms in their Tuesday announcement The Wall Street Journal reported that a "source familiar with the matter" reported that the transaction would value the deal at $8 billion.

The acquisition should close in early 2025, subject to regulatory approvals and other closing conditions. Jersey Mike's founder and CEO Peter Cancro will continue to lead the business and keeps a "significant equity stake" in the chain.

"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," Cancro said in a prepared statement

Jersey Mike's posted sales of $3.3 billion in 2023, up 25% from the prior year, according to Technomic. It has over 3,000 locations.