Blackstone Nears Deal to Buy Jersey Mike's Subs for About $2 Billion
Fast-Growing Sandwich Chain Would Add to Blackstone's Food Portfolio
NEW YORK-- Blackstone Inc. is in advanced talks to buy Jersey Mike's Subs for about $2 billion, according to a person familiar with the matter.
The deal, which could be announced as soon as this week, would give Blackstone a foothold in the fast-growing submarine sandwich market. Jersey Mike's has more than 2,000 locations in 46 states, and its sales have been rising rapidly in recent years.
Fast-Casual Market
Jersey Mike's is part of a growing trend of fast-casual restaurants that offer higher-quality food than traditional fast-food chains but at a lower price point than sit-down restaurants. These restaurants have been taking market share from both fast-food and casual-dining chains in recent years.
Blackstone has been investing heavily in the food industry in recent years. The firm bought a majority stake in the Ruth's Chris Steak House chain in 2021 and the Chuck E. Cheese's chain in 2022.
A deal for Jersey Mike's would add another well-known brand to Blackstone's portfolio and give the firm a strong presence in the fast-casual market.
Jersey Mike's Growth
Jersey Mike's was founded in 1956 in Point Pleasant, New Jersey. The company has been growing rapidly in recent years, and it plans to open more than 200 new locations in 2023.
The chain's success is due in part to its high-quality ingredients and its commitment to customer service. Jersey Mike's uses 100% top-choice roast beef and provolone cheese, and its sandwiches are made to order.
Strong Brand
Jersey Mike's has a strong brand following, and its customers are highly loyal. The company has been ranked as one of the best places to work in the restaurant industry, and it has been recognized for its commitment to customer satisfaction.
A deal with Blackstone would give Jersey Mike's the resources it needs to continue to grow and expand. The firm has a track record of helping its portfolio companies grow and succeed.
