Albert Fong’s Post

Blackstone closing in on $8bn deal for Jersey Mike’s Subs - https://lnkd.in/eNRbSQbm TOP STORY: Private equity giant Blackstone (NYSE: BX) is close to agreeing to the acquisition of Jersey Mike's Subs in a deal that values the popular US sandwich chain at approximately $8bn, including debt, according to a report by the Wall Street Journal.

#Blackstone #Jersey_Mike NEW YORK (AP) — Jersey Mike’s, the quickly expanding sandwich chain, is being acquired by asset management giant Blackstone. 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. 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. https://lnkd.in/dY-WsdGJ

"Private-equity giant Blackstone said it has struck a deal to take a majority stake in closely held Jersey Mike’s Subs. The announcement confirms a report by The Wall Street Journal on Monday. The deal would value the sandwich chain at around $8 billion, including debt, the Journal reported. Blackstone had been in on-and-off talks for a deal with the Manasquan, N.J.-based sandwich chain earlier this year, the Journal reported in April.  Blackstone has a history of investing in franchise businesses, which can benefit from a brand’s growth without requiring significant capital investment.  Its deal for franchiser Hilton Hotels was the most profitable private-equity investment in real estate ever. The firm also owns cleaning- and emergency-restoration services franchiser Servpro and coffee brand 7Brew. In April, Blackstone struck a deal to buy franchiser Tropical Smoothie Cafe.  Jersey Mike’s is the second largest sub-style sandwich company in the U.S. by sales, following Subway, according to Technomic."

Blackstone has agreed to acquire Jersey Mike's Subs for $8 billion, including debt, with the deal expected to close in early 2025. This acquisition is part of Blackstone’s strategy to support Jersey Mike’s expansion both within the U.S. and internationally. Founded in 1956, Jersey Mike's has grown to over 3,000 locations, and CEO Peter Cancro, who has led the company since 1975, will retain an equity stake and continue to lead post-acquisition. The acquisition follows a trend of major investments in fast-casual dining, similar to Roark Capital's $9.55 billion purchase of Subway in 2023. Blackstone, which has been actively investing in food franchises like 7 Brew Coffee and Tropical Smoothie Cafe, aims to help Jersey Mike’s reach its growth potential. The deal includes an earn-out component tied to the opening of Jersey Mike's 4,000th store. Read More Here: https://lnkd.in/gN6deA96 Branded Hospitality Ventures #Acquisition #Finance #Investing #Growth Hospitality Hangout Podcast Steve Ells David A. Brandon Chris Kempczinski Brian Niccol Danny Meyer David Novak Stephen A. Schwarzman

Blackstone is reportedly nearing an $8 billion acquisition of Jersey Mike’s Subs, a U.S. sandwich chain with over 2,800 locations. This follows Blackstone’s strategy of investing in franchise businesses, including its recent purchase of Tropical Smoothie Cafe. Read the most important news of the day: altdaily.co #BlackstoneInvestments #FranchiseBusiness #AlternativeInvestment

Private equity firm Blackstone announced it reached an agreement with Jersey Mike’s owner Peter Cancro to acquire a majority of the sandwich chain. The deal is reported to value Jersey Mike’s at $8 billion including debt. Cancro is retaining a minority stake in the company, according to Blackstone’s announcement. Forbes has not yet been able to confirm Cancro’s exact stake moving forward. “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 press release about the deal. “Blackstone has helped drive the success of some of the most iconic franchise businesses globally and we look forward to working with them to help make significant new investments going forward.” Read more: https://trib.al/kCC3vD3

Private equity firm Blackstone announced it reached an agreement with Jersey Mike’s owner Peter Cancro to acquire a majority of the sandwich chain. The deal is reported to value Jersey Mike’s at $8 billion including debt. Cancro is retaining a minority stake in the company, according to Blackstone’s announcement. Forbes has not yet been able to confirm Cancro’s exact stake moving forward. “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 press release about the deal. “Blackstone has helped drive the success of some of the most iconic franchise businesses globally and we look forward to working with them to help make significant new investments going forward.” Read more: https://trib.al/jyvvTUu

Private equity firm Blackstone announced it reached an agreement with Jersey Mike’s owner Peter Cancro to acquire a majority of the sandwich chain. The deal is reported to value Jersey Mike’s at $8 billion including debt. Cancro is retaining a minority stake in the company, according to Blackstone’s announcement. Forbes has not yet been able to confirm Cancro’s exact stake moving forward. “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 press release about the deal. “Blackstone has helped drive the success of some of the most iconic franchise businesses globally and we look forward to working with them to help make significant new investments going forward.” Read more: https://trib.al/oxT78TP

Private equity firm Blackstone announced it reached an agreement with Jersey Mike’s owner Peter Cancro to acquire a majority of the sandwich chain. The deal is reported to value Jersey Mike’s at $8 billion including debt. Cancro is retaining a minority stake in the company, according to Blackstone’s announcement. Forbes has not yet been able to confirm Cancro’s exact stake moving forward. “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 press release about the deal. “Blackstone has helped drive the success of some of the most iconic franchise businesses globally and we look forward to working with them to help make significant new investments going forward.” Read more: https://trib.al/gueuCvm

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