Jersey Mike’s Subs announced it has reached an agreement whereby private equity funds managed by Blackstone (BX) will acquire a majority ownership position in Jersey Mike’s. Jersey Mike’s founder and CEO Peter Cancro will maintain a significant equity stake and continue to lead the business. The partnership with Blackstone is intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market, as well as its continued investment in technology and digital transformation. The transaction is expected to be completed in early 2025 subject to the satisfaction of certain closing conditions, including applicable regulatory approvals. Blackstone’s private equity strategy for individual investors is also expected to invest as part of the transaction.
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