Bonus: Jersey Mike’s, Spirit Airlines, and the Barnes & Noble growth spurt

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Jersey Mike’s Acquired by Blackstone for $8 Billion to Accelerate Growth

Jersey Mike’s, is set to be acquired by private equity funds managed by Blackstone in a deal valuing the company at approximately $8 billion. The acquisition, announced Tuesday, aims to accelerate the chain’s U.S. and international expansion and bolster its technological investments. The transaction is expected to close in early 2025, pending regulatory approvals.

Peter Cancro, Jersey Mike’s founder and CEO, will retain significant equity and continue to lead the business. Cancro purchased the original Jersey Mike’s location in 1975 at age 17, transforming it into a nationwide franchise with over 2,800 locations today. The chain has seen rapid growth, with 2023 sales reaching $3.3 billion, a 25% increase from the prior year.

This move follows Blackstone’s recent investment in Tropical Smoothie Cafe and mirrors private equity trends in the restaurant industry, such as Roark Capital’s 2023 acquisition of Subway. Jersey Mike’s has gained market share amid Subway’s struggles, solidifying its position as the 30th largest U.S. restaurant chain by sales.