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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
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/
Jersey Mike's sandwich chain is acquired by private equity firm Blackstone for $8 billion
Source: Associated Press, via WTOPJersey 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/
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