Private Equity Wire®’s Post

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/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/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/gueuCvm

#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 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/4hIjNaA

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 is the pickle to this sandwich. Blackstone is zeroing in on a deal to buy closely held Jersey Mike’s Subs in a transaction that would value the sandwich chain at about $8 billion. It would quite the hoagie since Jersey Mike’s has more than 3,000 locations and is the second-biggest sub-style sandwich chain in the U.S. by sales after Subway. Franchises are something to chew on. Blackstone has shown interest in franchises before. This past year, the firm acquired another franchise in Tropical Smoothie Cafe. And, Blackstone's previous franchise deals include the 2007 acquisition of Hilton Hotels and its investment in Servpro, a franchise in the cleanup and emergency restoration industry. Rival Subway was purchased by Roark Capital last year for $9.55 billion. Blackstone's interest in Jersey Mike's certainly stacks up. In recent years, private equity firms have recognized franchises as a lucrative opportunity for medium to long-term returns. There's also something be said for the resilience of the franchise business model with its strong brand recognition and established reputation. Like any sandwich, the deal can still fall apart, but this certainly looks like ready made https://lnkd.in/gbkkwdNv #sandwich #fastfood #franchise #jerseymike #blackstone #privateequity #acquisition

Blackstone has made a significant move snatching up Jersey Mike’s for $8 billion. In a press release, it was announced that “private equity funds managed by Blackstone will be used to acquire majority ownership of Jersey Mike’s.” The move should help “enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market.” It’s a part of a larger trend we’re now seeing in PE where firms are not shy to explore investments in the food services industry. Jersey Mike’s has been on a strong trajectory and there’s a chance this move can take things to the next level for them. #PrivateEquity #PE #Investment #Blackstone #JerseyMikes

Blackstone, private equity giant, acquires Jersey Mike's Subs, the sandwich chain, in an $8-billion deal! The deal, which is expected to close in early 2025, underscores private-equity firms' increasing interest in franchise operators. Last year, PE firm Roark Capital agreed to buy Subway, Jersey Mike's Subs bigger rival, in a deal valued at up to $9.55 billion. #privateequity #finance Source: Reuters & Fast Company