Blackstone Nears Deal to Buy Jersey Mike's Subs
Private Equity Firm to Acquire Sandwich Chain for $2 Billion
Blackstone Group Inc. is close to acquiring Jersey Mike's Franchise Systems Inc. for about $2 billion, according to a person familiar with the matter.
The deal could be announced as soon as this week, said the person, who asked not to be identified because the discussions are private. Blackstone would acquire Jersey Mike's from its founder and CEO, Peter Cancro, and other investors.
Representatives for Blackstone and Jersey Mike's didn't immediately respond to requests for comment.
Blackstone has been expanding its investments in the restaurant industry. Last year, the firm acquired the parent company of Outback Steakhouse and Carrabba's Italian Grill. Blackstone also owns Dunkin' Brands Group Inc., which includes Dunkin' Donuts and Baskin-Robbins.
Jersey Mike's is a fast-casual sandwich chain founded in 1956. The company has more than 2,000 locations in the United States.
The deal would be the latest in a series of acquisitions in the restaurant industry. In recent years, private equity firms have been increasingly investing in the sector, attracted by the steady cash flow and growth potential.
Here are some of the key details of the deal:
- Blackstone would acquire Jersey Mike's for about $2 billion.
- The deal could be announced as soon as this week.
- Blackstone would acquire Jersey Mike's from its founder and CEO, Peter Cancro, and other investors.
- Blackstone has been expanding its investments in the restaurant industry.
- Jersey Mike's is a fast-casual sandwich chain founded in 1956.
- The company has more than 2,000 locations in the United States.
