In 1975, Peter Cancro, then a 17-year-old high school senior, bought the operation with help from his football coach.
A new, unopened Jersey Mike’s location is seen on Fulton St. in the Manhattan borough of New York, Tuesday, Nov. 19, 2024.
In the transaction announced Tuesday, private equity funds managed by Blackstone will be used to acquire majority ownership of Jersey Mike’s. The deal is “intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market,” the companies said, as well as aid ongoing technological investments.
“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,” Cancro said in a prepared statement — adding that Blackstone “has helped drive the success of some of the most iconic franchise businesses globally.”roots date back to 1956, with a Point Pleasant, New Jersey storefront location that was originally called Mike’s Subs.
FILE – A sign for The Blackstone Group L.P. investment firm stands in front of their offices, Oct. 15, 2018, in New York.
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