Jersey Mike's roots date back to 1956, with a Point Pleasant, NJ storefront location that was originally called Mike's Subs
Jersey Mike's roots date back to 1956, with a Point Pleasant, NJ storefront location that was originally called Mike's SubsJersey Mike's, the quickly expanding sandwich chain, is being acquired by asset management giant Blackstone.
Blackstone and Jersey Mike's did not immediately disclose financial terms in their Tuesday announcement. But a source familiar with the matter confirmed to The Associated Press that the transaction would value Jersey Mike's at around $8 billion, a figure previously reported by The Wall Street Journal.
"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."
The chain has expanded rapidly over the last decade, more than tripling its locations from 857 stores in 2014, to more than 2,800 this year, according to Technomic, a restaurant consulting company.
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