Jersey Mike's Subs has announced a partnership with Blackstone, in which private equity funds managed by Blackstone will acquire a majority ownership stake in the sandwich chain. Jersey Mike’s Founder and CEO Peter Cancro will retain a significant equity share and continue leading the company. The collaboration aims to support Jersey Mike's expansion across the U.S. and beyond, as well as investment in technology.
Cancro began his journey with Jersey Mike’s at 14 when he started working at its original Point Pleasant location, which was founded as Mike’s Subs in 1956. He acquired it at age 17 and initiated franchising in 1987. Currently, Jersey Mike's operates over 3,000 locations nationwide and is recognized for its quality submarine sandwiches.
"We believe we are still in the early innings of Jersey Mike’s growth story," said Cancro. "Blackstone is the right partner to help us reach even greater heights."
Peter Wallace, Senior Managing Director at Blackstone, commented on their enthusiasm about the partnership: "Jersey Mike’s has grown for more than half a century by maintaining an unrelenting focus on quality... Our capital and resources will help support key investments in growth and technology."
Jersey Mike's emphasizes community giving, having raised over $113 million for local charities since 2011 through its Annual Month of Giving initiative.
The transaction is expected to conclude by early 2025 pending regulatory approvals. Financial advisors involved include Guggenheim Securities and Morgan Stanley & Co. LLC for Jersey Mike’s, while Barclays and Bank of America advised Blackstone.