By Free Republic | Created at 2024-11-20 01:02:17 | Updated at 2024-11-20 03:33:55
2 hours ago
Subway rival Jersey Mike’s Subs acquired by Blackstone in $8B deal
NY Post ^ | September 18, 2024 | staff
Posted on 11/19/2024 5:01:59 PM PST by xxqqzz
Blackstone has agreed to buy Jersey Mike’s Subs, the sandwich chain said Tuesday, in a deal that a source said valued the company at around $8 billion, including debt.
Reuters had reported on Monday, citing a person familiar with the matter, that Blackstone was nearing a deal for Jersey Mike’s.
The deal, which is expected to close in early 2025, underscores private equity (PE) firms’ increasing interest in franchise operators.
Last year, PE firm Roark Capital agreed to buy Subway, Jersey Mike’s bigger rival, in a deal valued at up to $9.55 billion.
Jersey Mike’s, known for its submarine sandwiches, traces its roots back to 1956 when Cancro started working at the company’s Point Pleasant, NJ., location, which was founded as Mike’s Subs.
Cancro acquired the location in 1975 and began franchising units in 1987. Since then, Jersey Mike’s has grown into one of the major fast-casual restaurant chains in America with over 3,000 locations nationwide open and in development.
“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,” Jersey Mike’s founder and CEO Peter Cancro said.
(Excerpt) Read more at nypost.com ...
TOPICS: Business/Economy; News/Current Events; US: New Jersey
KEYWORDS: jerseymikes
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They have over 2,800 stores. Apparently doing well. Looking to expand internationally under new owners. Actually, a large percentage of their stores are in the south, particularly TX, FL, and NC. Biggest number in CA. CEO bought a sub shop on Jersey store for $125,000 in 1971.
1 posted on 11/19/2024 5:01:59 PM PST by xxqqzz
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