The transaction is intended to help enable Jersey Mike's to accelerate its expansion across and beyond the U.S. market, while also aiding technological investments.
Under terms of the agreement, Jersey Mike's founder and CEO Peter Cancro will continue to lead the business and maintains a significant equity stake in the chain.
While the financial terms of the deal were not disclosed, The Wall Street Journal reported that the deal would value Jersey Mike's at around $8 billion, including debt.
The acquisition by Blackstone is expected to be completed in early 2025, subject to regulatory approvals and other closing conditions.
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