NEW YORK — Private equity firm Blackstone has reached an agreement to acquire Jersey Mike’s Subs, a sandwich chain with 3,000 locations around the United States that are open or in development.

Multiple reports, including the Wall Street Journal, stated that the sale valued Jersey Mike’s around $8 billion.

Peter Cancro, founder and chief executive officer of Jersey Mike’s, will maintain a significant equity stake and continue to lead the business, according to information from Blackstone.

“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. “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.”

The transaction between the two parties is expected to close in early 2025, pending closing conditions and applicable 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 Peter Wallace, senior managing director at Blackstone. “Blackstone has deep experience helping accelerate the expansion of high-growth franchise businesses and this area is one of our highest-conviction investment themes. We are excited to partner with an entrepreneur of Peter’s caliber and the talented Jersey Mike’s team.”

Jersey Mike’s began in the original Point Pleasant, NJ, location in 1956. Cancro acquired that location in 1975 when he was 17 years old and began franchising the business in 1987.

This is another major acquisition for private equity in the national sandwich space. Roark Capital acquired the Subway restaurant chain in August 2023 for approximately $9.6 billion.