I wonder if they ever found Valery?
Posted on 11/19/2024 5:01:59 PM PST by xxqqzz
Blackstone has agreed to buy Jersey Mike’s Subs, the sandwich chain said 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, NJ., location, which was founded as Mike’s Subs.
Cancro acquired the location in 1975 and began franchising units in 1987. Since then, Jersey Mike’s has grown into one of the major fast-casual restaurant chains in America with over 3,000 locations nationwide open and in development.
“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,” Jersey Mike’s founder and CEO Peter Cancro said.
(Excerpt) Read more at nypost.com ...
We have several Jersey Mike’s locations near me in central Texas. I’m a fan.
Like any such shops, almost by definition, they’ve gone downhill.
Used to be really good.
soon to be followed by lower quality and higher prices and the inevitable death spiral.
It’s Jersey. We have the best pizza, the best subs (or hoagies) for fast foods, and for even better, some of the best restaurants in the world. We are also proud to have some of the best body dumping grounds ever! The Meadowlands and the Pine Barrens, and offshore have many secrets.
Blackstone owns us. Top to bottom. They own us
When I go for fast food in NJ, I go to” Rutt’s Hut,” nothing better than a ripper , frenchies and a beer!
Another fast food chain ruined.
I expect it to downhill fast as the vulture capitalists at Blackstone try to squeeze out every penny.
Soon to feature mrna meat
Hopefully Trump will start enforcing anti-trust laws. Too much consolidation from Venture Capital companies, this is not the way Capitalism should be.
I don’t remember ever eating at Jersey Mike’s and now I never will.
First thing they’ll do is to change their ingredients.
Jersey Mike’s is light years better than Subway. And yet, my very favorite sub sandwich was a turkey deli sandwich made for me by my husband’s best friend, the first time I met him in the flesh. His family owned a deli on Long Island. Best turkey sub ever. I kid you not. Some 40 ish years later, that sub sammich by Chris is the gold standard. Miss you to this day, Chris!
In my youth in Latham, NY in the mid-1960s there was a place called Mike’s Subs that sold a large sub for 49 cents.
On Fridays, my mother sometimes drove to Watervliet, NY where me and my brother got 25 cent fish sandwiches.
you’re thinking blackrock ... different company ...
Does Blackstone still require the DEI/ESG marxist garbage be followed?
you’re thinking blackrock ... different company ...
They all look alike.
Now I’m going to have to watch this one again. Hah!
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