Jersey Mike’s Subs Reaches $8 Billion Milestone with Blackstone Acquisition
Jersey Mike's, the beloved sandwich chain that has rapidly expanded across the United States, is now officially valued at $8 billion following a major acquisition. The private equity giant Blackstone has acquired a majority stake in the company, marking a new chapter for Jersey Mike's and its founder, Peter Cancro. This deal, which is expected to close in early 2025, positions the sandwich chain for even more aggressive growth in the coming years.
Founded in 1956 in Point Pleasant, New Jersey, as Mike's Subs, Jersey Mike's has grown from a small local operation to a formidable competitor in the sandwich industry. After Peter Cancro, then a 17-year-old high school student, purchased the business in 1975, he rebranded it to Jersey Mike’s and began franchising the concept. This move fueled the company’s expansion, and today, Jersey Mike's boasts more than 2,800 locations across the U.S. and beyond, serving up their famous subs to millions of customers.
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The investment by Blackstone comes at a time when Jersey Mike’s is seeing explosive growth. In 2023, the company posted sales of $3.3 billion, a 25% increase from the previous year, and now ranks as the 30th largest chain in the U.S. in terms of annual sales. With this acquisition, Blackstone’s involvement will help Jersey Mike’s accelerate its expansion into new markets and bolster its technology initiatives to stay competitive in an increasingly digital-driven world.
Cancro, who has led the company for nearly five decades, will remain at the helm as CEO, maintaining a significant equity stake in the business. He expressed his confidence in Blackstone’s partnership, citing their successful track record in helping global franchise businesses reach new heights. Cancro’s leadership will continue to guide the company, ensuring that the Jersey Mike’s brand remains strong as it pushes forward with its growth strategy.
The deal with Blackstone follows a similar trend in the restaurant industry, with other major brands, such as Subway, also recently changing ownership. For Jersey Mike’s, however, this move seems poised to help the chain strengthen its position as a major player in the competitive sandwich market. As the company expands, it will likely continue to capture market share from its rivals, including long-time competitor Subway, which has struggled in recent years with issues such as aging store locations.
Jersey Mike’s is already one of the top sandwich chains in the U.S., and this acquisition is expected to fuel its continued rise in both revenue and locations. With Blackstone’s backing, the future looks incredibly bright for the company, as they look to further disrupt the industry and continue delivering high-quality sandwiches to their loyal customers.
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