Jersey Mike's sandwich chain is acquired by private equity firm Blackstone for $8 billion

[Rivercard]

Looks like the beginning of the end for Jersey Mike's. Equity firms acquire businesses and destroy them..........

Jersey Mike's sandwich chain is acquired by private equity firm Blackstone for $8 billion​

Source: Associated Press, via WTOP

Jersey Mike’s sandwich chain is acquired by private equity firm Blackstone for $8 billion

The Associated Press
November 19, 2024, 10:56 AM

NEW YORK (AP) — Jersey Mike’s, the quickly expanding sandwich chain, is being acquired by asset management giant Blackstone.

In the transaction announced Tuesday, private equity funds managed by Blackstone will be used to acquire majority ownership of Jersey Mike’s. The deal is “intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market,” the companies said, as well as aid ongoing technological investments.

Blackstone and Jersey Mike’s did not immediately disclose financial terms in their Tuesday announcement. But a source familiar with the matter confirmed to The Associated Press that the transaction would value Jersey Mike’s at around $8 billion, a figure previously reported by The Wall Street Journal.


Jersey Mike’s roots date back to 1956, with a Point Pleasant, New Jersey storefront location that was originally called Mike’s Subs. In 1975, Cancro, then a 17-year-old high school senior who had worked there since he was 14, bought the operation with the help of his football coach.


https://wtop.com/business-finance/2...s-acquired-by-private-equity-firm-blackstone/

 

[Dback Jon]

Everything private equity touches dies

 

[AsUpRoDiGy]

Quality will go down, and prices will go up. LAME

 

[Shane]

Quality will go down, and prices will go up. LAME

I’ve eaten there several times and never really felt it was good quality to begin with

 

[TJ]

Jersey Mike’s is meh. Jimmy John’s is way better

 

[elindholm]

I tried Jersey Mike's once or twice, and the whole "Mike's Way" business bugged the hell out of me. I tried Jimmy John's on a trip to Arkansas last year and was impressed.

 

[Chaplin]

Jersey Mike’s is meh. Jimmy John’s is way better

Jimmy John’s is boycotted. I don’t care how good their subs are, I won’t support a company ran by a heartless big game hunter.

But you all do you.

 

[Dback Jon]

Jimmy John’s is boycotted. I don’t care how good their subs are, I won’t support a company ran by a heartless big game hunter.

But you all do you.

Plus IMHO their subs are below average.

But I guess that’s why you can have multiple large sub chains because people like different things Jersey Mike’s is the best sub chain for me

 

[jbjarko]

Jersey Mikes, IMO is better. They're both good. But I'm with Chap, I try not to eat at JJ.

 

[Folster]

Jersey Mike's has eaten Subway's lunch. They are the best sub chain in my opinion. Mike's way, light on the juice, add pickles is how I order.

Jimmy John's is cheap and low quality.

I do fear the private equity firm will ruin them though.

 

[jbjarko]

I gotta put Firehouse up there too as far as chains are concerned.

 

[Rivercard]

Jersey Mikes, IMO is better. They're both good. But I'm with Chap, I try not to eat at JJ.

Can't disagree with that.

Top 3:
1. Potbelly's
2. Jersey Mike's
3. Ike's Love and Sandwiches

 

[Brian in Mesa]

Jimmy John’s is boycotted. I don’t care how good their subs are, I won’t support a company ran by a heartless big game hunter.

But you all do you.

Well, considering he sold the entire company to Roark Brands in October of 2019 why would you continue to boycott?

Billionaire Founder Of Jimmy John’s Sells His Remaining Stake At Undisclosed Price

The Atlanta-based owner of Arby’s and Buffalo Wild Wings acquired founder Jimmy John Liautaud’s remaining stake in the company, three years after its parent company Roark Capital first invested in the sandwich chain.

www.forbes.com

Thirty-six years after founding his eponymous sandwich chain in a converted garage in Charleston, Illinois, Jimmy John’s founder Jimmy John Liautaud is selling his remaining stake in the company to Inspire Brands for an undisclosed amount.

In 2016, Liautaud sold an estimated 65% of the business to Inspire’s parent company, the Atlanta-based private equity firm Roark Capital, in a deal that valued Jimmy John’s at around $3 billion. The sale helped make Liautaud a billionaire. Forbes estimates his current net worth at about $1.7 billion.

Now, Inspire will take full control of the sandwich empire, adding to its list of well-known restaurant brands that includes Arby’s, Sonic, and Buffalo Wild Wings.

“I took this brand as far as I could... the timing couldn’t be better,” Liautaud told Forbes. “Franchisees win, shareholders win, employees win. I like that deal.”

 

[TJ]

all that said, I’ll normally eat at a small hole in the wall sandwich shop before I eat chain

 

[Shane]

Almost any NY style deli blows them all away

 

[jf-08]

Mr. Pickles sandwich shop is pretty good. My kids and I used to go to Whichwich years and years ago - no idea how they are now.

 

[Brian in Mesa]

Mr. Pickles sandwich shop is pretty good. My kids and I used to go to Whichwich years and years ago - no idea how they are now.

Mr. Pickles is really good but a bit pricey, too. We used to go to the one in Woodland, CA on our return trip from Hood River, OR each year.

 

[Chris_Sanders]

Everything private equity touches dies

I mean my company is owned by Private Equity and it's helped us grow and do well.

 

[Chris_Sanders]

Mr. Pickles sandwich shop is pretty good. My kids and I used to go to Whichwich years and years ago - no idea how they are now.

Whichwich is my absolute favorite but I only see them when I travel for work

 

[Folster]

Mr. Pickles sandwich shop is pretty good. My kids and I used to go to Whichwich years and years ago - no idea how they are now.

Mr. Pickles is really good.

 

[TJ]

Almost any NY style deli blows them all away

When you eat deli in NYC, it's hard to come around to chain sandwich shops

 

[Dback Jon]

I mean my company is owned by Private Equity and it's helped us grow and do well.

That is great you've so far had a good experience.

 

[Chris_Sanders]

That is great you've so far had a good experience.

2 good experiences,. We are on our second one. Leadership vets the PE though to make sure it's a good fit.

 

[Devilmaycare]

Mr. Pickles sandwich shop is pretty good. My kids and I used to go to Whichwich years and years ago - no idea how they are now.

Mr. Pickles was complete garbage the time the I tried them. Their meatballs were barely edible.

Whichwich was great but pretty much dead in Phoenix. All of the stores around me closed. The one by Chandler Costco is the only one that I know of still.

 

[Devilmaycare]

For Jimmy Johns vs Mike's I'll take JJ simply because they have their unwich option where they do a lettuce wrap instead of bread. Mike's doesn't list it as an options. Most of the other sub shops don't either. It was one of the things I liked about WhichWich too when they were around me.