Jersey Mike’s Acquired by Blackstone for Accelerated Growth
Private Equity Firm to Help Chain Expand and Invest in Technology
Jersey Mike’s, a rapidly growing sandwich chain, has been acquired by Blackstone, a private equity firm. The transaction is intended to enable Jersey Mike’s to accelerate its expansion across and beyond the US market, as well as support ongoing technological investments.
Founder and CEO to Maintain Leadership Role
Under the terms of the agreement, Jersey Mike’s founder and CEO Peter Cancro will continue to lead the business and maintain a significant equity stake in the chain. This ensures that the brand’s vision and values will remain intact, while still benefiting from the resources and expertise provided by Blackstone.
Financial Terms Not Disclosed, But Deal Value Estimated at $8 Billion
Blackstone and Jersey Mike’s did not release the financial terms of the deal, but The Wall Street Journal reported that the transaction would value the chain at around $8 billion, including debt. The exact figure remains undisclosed at this time.
Transaction Expected to Close in Early 2025
The acquisition is expected to be completed in early 2025, pending regulatory approvals and other closing conditions. This will enable Jersey Mike’s to tap into Blackstone’s vast resources and expertise, helping the chain achieve its long-term goals.
Conclusion
Jersey Mike’s acquisition by Blackstone marks a significant milestone in the brand’s history, providing an opportunity for accelerated growth and technological advancements. With the founder and CEO maintaining a leadership role and significant equity stake, fans of the chain can expect the brand to continue delivering its signature sandwiches and commitment to customer satisfaction.
FAQs
Q: What is the purpose of the acquisition?
A: The acquisition is intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the US market, as well as support ongoing technological investments.
Q: Will Jersey Mike’s founder and CEO continue to lead the company?
A: Yes, Peter Cancro will continue to serve as CEO and maintain a significant equity stake in the company.
Q: How much was the deal worth?
A: The exact financial terms of the deal were not disclosed, but The Wall Street Journal reported that the transaction valued Jersey Mike’s at around $8 billion, including debt.
Q: When is the acquisition expected to close?
A: The transaction is expected to be completed in early 2025, pending regulatory approvals and other closing conditions.
