The deal, which is expected to close in early 2025, underscores private equity firms’ increasing interest in franchise operators.
Blackstone has agreed to buy Jersey Mike’s Subs, the sandwich chain said Tuesday, in a deal that a source said valued the company at around $8 billion, including debt.
The deal, which is expected to close in early 2025, underscores private equity firms’ increasing interest in franchise operators.Jersey Mike’s, known for its submarine sandwiches, traces its roots back to 1956 when Cancro started working at the company’s Point Pleasant, NJ., location, which was founded as Mike’s Subs.
Blackstone, the world’s largest alternative asset manager with more than $1.1 trillion in assets under management, has been on an investing spree in food franchises this year. “Blackstone has deep experience helping accelerate the expansion of high-growth franchise businesses and this area is one of our highest-conviction investment themes,” said Peter Wallace, Blackstone senior managing director.
Blackstone Group Fast Food Mergers & Acquisitions Subway Sandwiches
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