Blackstone Acquiring Sub Shop With 70+ Michigan Locations

A popular sub-shop chain with dozens of Michigan locations is being acquired by an asset management firm known as Blackstone.

Jersey Mike's originated in 1956 in Point Pleasant, New Jersey. The original shop was simply known as Mike's Subs, according to the chain's website. The name was changed to Jersey Mike's in the late 80s as the chain began to grow beyond New Jersey.

Today, there are nearly 3,000 Jersey Mike's locations, including 72 in Michigan.

Blackstone Acquiring Jersey Mike's Subs

Blackstone and Jersey Mike's did not initially announce the terms of the deal when it was announced Tuesday (11/19) but a Wall Street Journal report values that deal at approximately $8 billion.

Multiple news sources report that the acquisition is intended to accelerate the sub-shop's expansion efforts in the United States and beyond. The deal is expected to be completed in early 2025, pending regulatory approval.

SEE ALSO:  Popular Sub Shop Closes All But One Michigan Location

Jersey Mike CEO Will Remain With the Chain

Peter Cancro is the founder and CEO of Jersey Mike's, purchasing the original Point Pleasant location in 1971, shortly before his 18th birthday. He says he'll maintain a "significant equity stake in the company."

“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,” Cancro said in a prepared statement — adding that Blackstone “has helped drive the success of some of the most iconic franchise businesses globally.”