Jersey Mike's Energizes Growth with Blackstone Partnership
Deal News | Nov 19, 2024 | Blackstone
Jersey Mike’s Subs, a leading fast-casual restaurant chain, has announced a strategic partnership with Blackstone, the world's largest alternative asset manager. This partnership involves Blackstone acquiring a majority ownership stake in Jersey Mike's, allowing the company to accelerate its expansion plans and investments in technology and digital transformation. Peter Cancro, the CEO and founder of Jersey Mike's, will maintain a significant equity stake and continue leading the company. The deal underscores Blackstone's ongoing interest in the fast-casual dining sector, having successfully supported other leading franchisors. The acquisition is expected to complete in early 2025, pending regulatory approvals. Financial advisors for the deal include Guggenheim Securities and Morgan Stanley for Jersey Mike's, and Barclays with Bank of America for Blackstone.
Sectors
- Franchising
- Private Equity
- Fast-Casual Dining
Geography
- United States – Jersey Mike's is a U.S.-based company with its headquarters in New Jersey.
Industry
- Franchising – Jersey Mike's Subs operates as a franchisor in the fast-casual dining sector.
- Private Equity – Blackstone is involved as a private equity investor acquiring a majority stake.
- Fast-Casual Dining – Jersey Mike's is a leading company in the fast-casual restaurant industry.
Financials
- – The financial terms of the deal, such as the transaction amount, have not been disclosed in the article.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Jersey Mike's Subs | Target company | Company | A leading fast-casual restaurant franchisor known for submarine sandwiches. |
| Blackstone | Bidding Company | Company | The world's largest alternative asset manager acquiring a stake in Jersey Mike's. |
| Peter Cancro | Founder & CEO of Jersey Mike's | Person | Founder and CEO maintaining significant ownership and leadership in Jersey Mike's. |
| Guggenheim Securities | Financial Advisor | Company | Advising Jersey Mike's on the transaction. |
| Morgan Stanley & Co. LLC | Financial Advisor | Company | Providing financial advisory services to Jersey Mike's. |
| White & Case LLP | Legal Advisor | Company | Providing legal counsel to Jersey Mike's. |
| Barclays | Financial Advisor | Company | Advisory services to Blackstone. |
| Bank of America | Financial Advisor | Company | Advisory services to Blackstone. |
| Simpson Thacher & Bartlett LLP | Legal Advisor | Company | Providing legal counsel to Blackstone. |