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Jersey Mike’s Subs, the sandwich chain known for its East Coast-style subs, has made headlines for being acquired by the investment giant Blackstone. This deal, valued at a staggering $8 billion, is a significant milestone for the company and its founder, Peter Cancro.
The deal is expected to close by early 2025 and accelerate Jersey Mike’s expansion plans both domestically and internationally. While the financial terms of the deal remain undisclosed, it is clear that Blackstone recognizes the immense potential of this beloved sandwich brand.
Blackstone has over $1.1 trillion worth of assets and has bought out many major brands over the years including; Hilton Hotels, Tropical Smoothie Cafe, Ancestry, Spanx, and Rover.com to name a few.
Peter Cancro will continue to lead Jersey Mike’s as CEO and hold a significant equity stake in the company. The partnership with Blackstone is poised to provide Jersey Mike’s with the resources and expertise needed to reach new heights.
The sale has catapulted Cancro into 390th place on the Bloomberg Billionaires Index as he becomes one of the 500 richest people in the world.
In a press release, 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.”
Peter Wallace, senior managing director at Blackstone said: “Blackstone has deep experience helping accelerate the expansion of high-growth franchise businesses, and this area is one of our highest-conviction investment themes.”
The journey of Jersey Mike’s began in 1956 when Peter Cancro’s grandfather opened a small hot dog cart in Point Pleasant Beach, New Jersey. Cancro, a young entrepreneur, took over the business in 1975, transforming it into a thriving sub shop. The chain’s popularity grew steadily, fueled by quality ingredients, generous portions, and a unique “Mike’s Way” preparation style.
Today the chain has almost 3,000 locations nationwide. In 2022, Danny Devito was signed on to star in their commercials and promote Jersey Mike’s growth.
As Jersey Mike’s enters this new chapter, it is looking to become an even more dominant force in the fast-casual restaurant industry. With Blackstone’s support, the chain is well-positioned to expand its footprint, hopefully while retaining the quality they’re known for in the process.
