Jersey Mikeâ€s, the quickly expanding sandwich chain, is being acquired by the private equity firm Blackstone.
The transaction is “intended to help enable Jersey Mikeâ€s to accelerate its expansion across and beyond the U.S. market,†the companies said Tuesday, as well as aid ongoing technological investments. Under terms of the agreement, Jersey Mikeâ€s founder and CEO Peter Cancro will continue to lead the business and maintains a “significant equity stake†in the chain.
Blackstone and Jersey Mikeâ€s did not immediately disclose financial terms in their Tuesday announcement. But The Wall Street Journal reported that the deal would value Jersey Mikeâ€s at around $8 billion, including debt.
The transaction is expected to be completed in early 2025, subject to regulatory approvals and other closing conditions.
