Jersey Mike’s Inks Deal To Accelerate Growth

Jersey Mike’s Subs announced today, November 19, that it will partner with Blackstone to accelerate its continued growth.

The release details that private equity funds managed by Blackstone, led by Blackstone’s most recent flagship private equity vehicle, will acquire a majority ownership position in Jersey Mike’s. The transaction is expected to close in early 2025.

Peter Cancro, Jersey Mike’s founder and CEO, will maintain a significant equity stake and continue to lead the business. Blackstone will help Jersey Mike’s accelerate its expansion across and beyond the U.S. market, as well as its continued investment in technology and digital transformation. Earlier this year, the brand signed its first major international expansion deal in its 68-year history.

“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 says in the release. “Blackstone has helped drive the success of some of the most iconic franchise businesses globally and we look forward to working with them to help make significant new investments going forward.”

Blackstone also recently invested in Tropical Smoothie Cafe and 7Brew.

Peter Wallace, a senior managing director at Blackstone, says, “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 customer base as it has scaled nationwide. Blackstone has deep experience helping accelerate the expansion of high-growth franchise businesses and this area is one of our highest-conviction investment themes. We are excited to partner with an entrepreneur of Peter’s caliber and the talented Jersey Mike’s team. Our capital and resources will help support key investments in growth and technology for the benefit of Jersey Mike’s customers and exceptional franchisees.”

Jersey Mike’s has more than 3,000 locations open and in development.