Jersey Mike’s Subs, a sandwich chain with 3,000 locations in the U.S., will be acquired by Blackstone Capital Partners LLP for $8 billion including debt. Jersey Mike’s was established in 1956 in Point Pleasant, NJ as Mike’s Subs.  The original business was acquired in 1975 with franchising opportunities offered in 1987.

The CEO of Jersey Mike’s, Peter Cancro, will remain as the driving force of the business with an equity position.

He stated, “Blackstone is the basis of 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 has recently acquired a number of franchise operations including 7 Brewed Coffee and Tropical Smoothie Café.  Infusion of capital will position Jersey Mike’s to compete more aggressively with Subway that was acquired by Roark Capital for $10 billion in 2023.