Jersey Mike’s Acquired by Private Equity Firm Blackstone
Deal Aims to Accelerate Expansion and Technological Investments
Jersey Mike’s, the rapidly growing sandwich chain, is being acquired by the private equity firm Blackstone. The transaction is intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market, as well as aid ongoing technological investments.
Founder and CEO to Continue Leading the Business
Under terms of the agreement, Jersey Mike’s founder and CEO Peter Cancro will continue to lead the business and maintains a “significant equity stake” in the chain. This ensures continuity and stability for the company, allowing Cancro to continue driving growth and innovation.
Financial Terms Not Disclosed
Blackstone and Jersey Mike’s did not immediately disclose financial terms in their Tuesday announcement. However, The Wall Street Journal reported that the deal would value Jersey Mike’s at around $8 billion, including debt.
Transaction Expected to Close in Early 2025
The transaction is expected to be completed in early 2025, subject to regulatory approvals and other closing conditions. This timeline allows for a smooth transition and ensures that the acquisition does not disrupt Jersey Mike’s operations.
Conclusion
The acquisition of Jersey Mike’s by Blackstone is a significant development for the sandwich chain, providing the resources and expertise needed to accelerate its growth and expansion. With Peter Cancro remaining at the helm, Jersey Mike’s is well-positioned to continue delivering high-quality sandwiches and exceptional customer experiences.
FAQs
* What is the purpose of the acquisition?
+ The acquisition is intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market, as well as aid ongoing technological investments.
* Who will continue to lead Jersey Mike’s?
+ Peter Cancro, the founder and CEO, will continue to lead the business and maintains a “significant equity stake” in the chain.
* What is the value of the deal?
+ The deal is valued at around $8 billion, including debt, according to The Wall Street Journal.
* When is the transaction expected to close?
+ The transaction is expected to be completed in early 2025, subject to regulatory approvals and other closing conditions.
