Blackstone announced Tuesday that it has acquired a “majority ownership position” in Jersey Mike’s, valued at around $8 billion, according to a source familiar.
The influx of cash will help the sandwich chain “accelerate its expansion across and beyond the US market, as well as its continued investment in technology and digital transformation,” a statement said.
“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 statement.
Jersey Mike’s is the second-largest sandwich chain behind Subway in sales.
Data from QSR Magazine reveals Jersey Mike’s locations pull in about $1.35 million per unit, with an average Subway location raking in less than $500,000.
Persons:
Peter Cancro, who’s, “, Blackstone, ” Cancro, Roark
Organizations:
New, New York CNN, Jersey, Subway, Blackstone, QSR Magazine, Roark Capital
Locations:
New York, Jersey, New Jersey, Canada