Iconic Sandwich Chain Sells Majority Ownership to Blackstone

Private equity firm Blackstone is reportedly acquiring Jersey Mike’s for $8 billion. The deal will give Blackstone majority ownership of Jersey Mike’s, aiming to accelerate its expansion in the U.S. and beyond while enhancing technological investments. While financial terms were not disclosed, sources indicate the acquisition values Jersey Mike’s at approximately $8 billion. The deal is expected to close in early 2025, pending regulatory approvals. Jersey Mike’s founder and CEO, Peter Cancro, will continue to lead the company and retain a significant equity stake.

In this gallery, we take a closer look at the acquisition, as well as Jersey Mike’s history.

Peter Cancro, Jersey Mike’s founder and CEO, will retain a significant stake in the company and continue overseeing operations following the acquisition.

While Blackstone won’t manage daily operations, the deal aligns with its recent food sector investments, including 7 Brew Coffee and Tropical Smoothie Cafe.

Cancro 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 added that Blackstone “has helped drive the success of some of the most iconic franchise businesses globally.”

At 14, Cancro began working at Mike’s Submarines in Point Pleasant, New Jersey. The shop, founded in 1956, was on its third owner and located near his high school.

The restaurant’s origins trace back to Michael Ingravallo and his wife, Marie, who owned multiple locations in New Jersey and Florida. The family business has expanded significantly over the years.

In 1975, Cancro bought the Point Pleasant shop at 17, with help from his mother and a high school coach. He later became CEO and began franchising in 1987, expanding rapidly.

By 2024, Jersey Mike’s had over 1,000 locations and announced plans for international expansion into Canada.