In a statement from Blackstone, it was reported that an agreement was reached in which private equity funds managed by the company will purchase a majority stake in the sandwich chain Jersey Mike’s Subs.
The statement noted that, within the scope of the agreement, Jersey Mike’s Founder and Chief Executive Officer (CEO) Peter Cancro will retain a significant equity stake and continue to lead the business.
It was stated in the statement that Jersey Mike’s partnership with Blackstone will help the sandwich chain accelerate its expansion in the US market and beyond and its investment in technology and digital transformation, and it was emphasized that Blackstone also supports the growth of the chains with its previous acquisitions.
The statement stated that the acquisition is subject to certain closing conditions, including regulatory approvals, and that the transaction is expected to be completed in early 2025.
Jersey Mike’s CEO Peter Cancro said, “We believe we are still in the early stages of Jersey Mike’s growth story and Blackstone is the right partner to help us reach even higher levels.” he said.
Blackstone Senior General Manager Peter Wallace also pointed out that Blackstone has deep experience in accelerating the expansion of franchise businesses with high growth potential, and stated that this area is one of the investment themes they attach most importance to. In the news in the US press, it was stated that the value of the agreement was 8 billion dollars.
Source: www.dunya.com
