Deal marks Blackstone39;s latest investment in food franchises
Jersey Mike39;s CEO to continue leading business
Deal valued at around 8 bln, including debt source
PE firm Roark last year struck over 9.5 bln deal for Subway

Nov 19 Reuters Blackstone has agreed to buy Jersey Mike39;s Subs, the sandwich chain said on Tuesday, in a deal that a source said valued the company at around 8 billion, including debt.

Reuters had reported on Monday, citing a person familiar with the matter, that Blackstone was nearing a deal for Jersey Mike39;s.

The deal, which is expected to close in early 2025, underscores private equity PE firms39; increasing interest in franchise operators.

Last year, PE firm Roark Capital agreed to buy Subway, Jersey Mike39;s bigger rival, in a deal valued at up to 9.55 billion.

Jersey Mike39;s, known for its submarine sandwiches, traces its roots back to 1956 when Cancro started working at the company39;s Point Pleasant, New Jersey location, which was founded as Mikes Subs.

Cancro acquired the location in 1975 and began franchising units in 1987. Since then, Jersey Mike39;s has grown into one of the major fastcasual restaurant chains in America with over 3,000 locations nationwide open and in development.

We believe we are still in the early innings of Jersey Mike39;s growth story and that Blackstone is the right partner to help us reach even greater heights, Jersey Mike39;s founder and CEO Peter Cancro said.

Cancro will maintain an equity stake…