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The Manasquan-based restaurant chain has agreed to sell the stake in the company, Blackstone said in a news release on Tuesday, Nov. 19. Jersey Mike’s founder and CEO Peter Cancro will keep a significant equity share and continue leading the business.
When he was 14 years old, Cancro began working at the original location in Point Pleasant that opened as Mike's Subs in 1958. At 17, he bought the restaurant in 1975 and began franchising agreements in 1987.
Jersey Mike’s currently operates 2,828 locations and has 297 more planned, according to its website. The chain has 140 restaurants in its home state of New Jersey.
Cancro said the partnership with Blackstone will help Jersey Mike's expand domestically and internationally, while also providing a massive investment in technology.
"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," said Cancro. "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."
Blackstone said it has helped grow major franchises like Hilton Hotels and SERVPRO. It has also recently invested in chains like Tropical Smoothie Cafe and 7Brew.
The deal was expected to close in early 2025 pending regulatory approvals.
"Jersey Mike's has grown for more than half a century by maintaining an unrelenting focus on quality (and delicious sandwiches) – consistently building on its loyal customer base as it has scaled nationwide," said Blackstone senior managing director Peter Wallace. "We are excited to partner with an entrepreneur of Peter’s caliber and the talented Jersey Mike’s team. Our capital and resources will help support key investments in growth and technology for the benefit of Jersey Mike’s customers and exceptional franchisees."
Entrepreneur ranked Jersey Mike's in second place on the website's 2024 Franchise 500.
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