Asset management firm Blackstone will become the majority owner of sandwich chain Jersey Mike’s in a deal that values the company at a reported $8 billion.
Blackstone announced Tuesday it will acquire sandwich chain Jersey Mike's Subs. The asset management firm said the majority ownership stake will be purchased by its "most recent flagship private equity vehicle" and other funds it manages. Blackstone aims to complete the purchase early next year. Reuters reported that the deal values the company at around $8 billion, including debt.
Blackstone said in a press release that the partnership is intended to "help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market, as well as its continued investment in technology and digital transformation." Blackstone’s private equity strategy for individual investors will also be involved in the deal for the sandwich chain, according to the asset management firm.
Other firms have also made moves in the space. One of Jersey Mike’s competitors, Subway, was bought by Roark Capital in a deal that closed earlier this year. For traditional Jersey Mike’s locations, the average unit volume is $1.3 million, according to the chain’s website. Reuters contributed to this report
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