Jersey Mike's Subs Sold For $8B, Reports Say

NEW JERSEY — Jersey Mike's has been acquired by investment management company Blackstone for about $8 billion including the company's debt, according to multiple reports.

The deal is “intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market,” the companies said, as well as aid ongoing technological investments. The acquisition is expected to close in early 2025.

Blackstone and Jersey Mike’s did not immediately disclose financial terms in their Tuesday announcement, as the Associated Press reported.

Jersey Mike’s roots date back to 1956, with a Point Pleasant storefront location that was originally called Mike’s Subs. Peter Cancro, then a 17-year-old high school senior who had worked there since he was 14, bought the operation in 1975 with the help of his football coach.

Cancro, now the CEO, will keep leading the fast-growing business and keep a "significant" equity stake in the chain, the companies said.

“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 said in a prepared statement — adding that Blackstone “has helped drive the success of some of the most iconic franchise businesses globally.”

The chain has expanded rapidly over the last decade and the number of locations has more than tripled since 2014, according to restaurant consulting company Technomic.

There are more than 3,000 Jersey Mike's locations nationwide.

Tuesday’s agreement with Jersey Mike’s follows a series of similar investments from Blackstone. Just earlier this year, the private equity firm acquired Tropical Smoothie Cafe in a deal that it said would also aid the chain’s expansion.

The Associated Press contributed to this report.