Blackstone has agreed to acquire Jersey Mike"s Subs, a popular sandwich chain, for approximately $8 billion, including debt. This acquisition highlights the growing interest of private equity firms in franchise operations, particularly in the food industry.
Jersey Mike"s Subs, founded in 1956, has over 3,000 locations across the United States. The chain"s founder and CEO, Peter Cancro, expressed confidence that Blackstone will help propel the brand to new heights. Private equity firms are increasingly targeting franchise operators, and Blackstone has made notable investments in the food sector this year.
The investment in Jersey Mike"s aligns with Blackstone"s focus on high-growth franchise businesses. Jersey Mike"s has experienced significant growth and plans to leverage Blackstone"s resources to further expand its footprint. The partnership aims to position Jersey Mike"s as a leader in the fast-casual dining industry.
The acquisition comes at a time of intensifying competition in the fast-casual dining sector, and the backing of Blackstone is expected to enhance Jersey Mike"s competitive edge. The implications of the partnership for Jersey Mike"s and the broader fast-casual dining market will be closely monitored.