Blackstone announced it will acquire a majority stake in Jersey Mike’s Subs. The deal is worth around $8 billion, according to CNN sources.
MANASQUAN, N.J. — Private equity giant Blackstone said it’s acquiring popular sub sandwich chain Jersey Mike’s.
Blackstone announced Tuesday morning that Jersey Mike’s had agreed to selling a majority stake of its business, which sources cited by CNN said was valued at around $8 billion. Jersey Mike’s founder and CEO Peter Cancro will continue to lead the business and maintain a “significant equity stake,” Blackstone said.
The cash infusion will help the sub chain expand, Blackstone said in a release. Jersey Mike’s has more than 2,800 locations nationwide, with 54 stores in Colorado including 10 restaurants in the Denver metro area.
“Jersey Mike’s has grown for more than half a century by maintaining an unrelenting focus on quality (and delicious sandwiches) – consistently building on its loyal …