Private equity firm Blackstone is buying majority ownership of Jersey Mike's Subs, a New Jersey-based sandwich chain that has grown to be international with thousands of locations.
Blackstone says Jersey Mike's founder and CEO Peter Cancro will maintain a significant equity stake and continue to lead the business.
Cancro began working at a store called Mike's Subs in in 1972 in Point Pleasant, New Jersey. He bought the store three years later when he was 17.
In 1987 he started franchising units.
It is now one of the fastest-growing fast-casual restaurant chains in the U.S. with more than 3,000 locations open and in development.
The partnership is intended to help Jersey Mike's accelerate growth across the globe.
"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.
The terms of the deal were not immediately known but it was rumored to be for around $8 billion.
The transaction is expected to be completed in early 2025. Guggenheim Securities and Morgan Stanley & Co. LLC are acting as financial advisors and White & Case LLP served as legal counsel to Jersey Mike's
The chain is the latest acquisition for Blackstone.
It recently invested in Tropical Smoothie Cafe and 7Brew. It also has bought majority stakes in Hilton Hotels and Servpro.
