21-November-2024
Corporate News
 
Blackstone strikes $8 bn deal for sandwich chain Jersey Mike's Subs
20-Nov-2024

Blackstone has agreed to buy Jersey Mike'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 Mike's. The deal, which is expected to close in early 2025, underscores private equity (PE) firms' increasing interest in franchise operators. Last year, PE firm Roark Capital agreed to buy Subway, Jersey Mike's bigger rival, in a deal valued at up to $9.55 billion. Jersey Mike's, known for its submarine sandwiches, traces its roots back to 1956 when Cancro started working at the company's Point Pleasant, New Jersey location, which was founded as Mike's Subs.

News Source:- https://www.business-standard.com/companies/news/blackstone-to-acquire-majority-stake-in-sandwich-chain-jersey-mike-s-subs-124111901073_1.html