{"id":127882,"date":"2024-11-20T03:50:53","date_gmt":"2024-11-19T20:50:53","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=127882"},"modified":"2024-11-20T03:50:53","modified_gmt":"2024-11-19T20:50:53","slug":"jersey-mikes-subs-acquired-by-blackstone-in-8b-deal","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=127882","title":{"rendered":"Jersey Mike&#8217;s Subs acquired by Blackstone in $8B deal"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div>\n<p>Blackstone\u00a0has agreed to buy\u00a0Jersey\u00a0Mike\u2019s\u00a0Subs, the sandwich chain said Tuesday, in a deal that a source said valued the company at around $8 billion, including debt.<\/p>\n<p>Reuters had reported on Monday, citing a person familiar with the matter, that Blackstone was\u00a0nearing a deal\u00a0for\u00a0Jersey\u00a0Mike\u2019s.<\/p>\n<p>The\u00a0deal, which is expected to close in early 2025, underscores\u00a0private equity\u00a0(PE)\u00a0firms\u2019 increasing interest in franchise operators.<\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>Jersey\u00a0Mike\u2019s\u00a0Subs is being acquired by Blackstone for $8 billion, including debt. <span class=\"credit\">Christopher Sadowski<\/span><\/figcaption><\/figure>\n<p>Last year,\u00a0PE\u00a0firm <a href=\"https:\/\/nypost.com\/2023\/08\/24\/subway-okays-9-6-billion-sale-to-private-equity-giant-roark-capital\/\">Roark Capital\u00a0agreed\u00a0to buy Subway<\/a>,\u00a0Jersey\u00a0Mike\u2019s\u00a0bigger rival, in a deal valued at up to $9.55 billion.<\/p>\n<p>Jersey\u00a0Mike\u2019s, known for its submarine sandwiches, traces its roots back to 1956 when Cancro started working at the company\u2019s Point Pleasant, NJ.,\u00a0location, which was founded as Mike\u2019s Subs.<\/p>\n<aside class=\"single__inline-module aligncenter wp-block-nypost-editor-primary-tag\">\n<\/aside>\n<p>Cancro acquired the location in 1975 and began franchising units in 1987. Since then,\u00a0Jersey\u00a0Mike\u2019s\u00a0has grown into one of the major fast-casual restaurant chains in America with over 3,000 locations nationwide open and in development.<\/p>\n<p>\u201cWe believe we are still in the early innings of\u00a0Jersey\u00a0Mike\u2019s\u00a0growth story and that Blackstone is the right partner to help us reach even greater heights,\u201d\u00a0Jersey\u00a0Mike\u2019s\u00a0founder and CEO Peter Cancro said.<\/p>\n<p>Cancro will maintain an equity stake in\u00a0Jersey\u00a0Mike\u2019s\u00a0and continue to lead the business.<\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>Jersey\u00a0Mike\u2019s, known for its submarine sandwiches, traces its roots back to 1956. CEO Peter Cancro, above. <span class=\"credit\">Getty Images for Best Buddies International<\/span><\/figcaption><\/figure>\n<p>\u201cBlackstone has helped drive the success of some of the most iconic franchise businesses globally and we look forward to working with them to help make significant new investments going forward,\u201d Cancro said.<\/p>\n<p>Blackstone, the\u00a0world\u2019s\u00a0largest alternative asset manager with more than $1.1 trillion in assets under management, has been on an investing spree in food franchises this year.<\/p>\n<p>In February, Blackstone announced an equity investment in 7 Brew Coffee to boost the expansion of the drive-thru beverage business.<\/p>\n<figure class=\"nyp-slideshow-modal-image wp-block-image aligncenter size-large\"><figcaption>Blackstone, the\u00a0world\u2019s\u00a0largest alternative asset manager with more than $1.1 trillion in assets under management, has been on an investing spree in food franchises this year. <span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>In April, Blackstone\u00a0agreed\u00a0to buy Tropical Smoothie Cafe, a franchiser of fast casual restaurants, from\u00a0PE\u00a0firm Levine Leichtman Capital Partners.<\/p>\n<p>\u201cBlackstone has deep experience helping accelerate the expansion of high-growth franchise businesses and this area is one of our highest-conviction investment themes,\u201d said Peter Wallace, Blackstone senior managing director.<\/p>\n<p>Blackstone\u2019s previous franchise deals include the 2007 acquisition of Hilton Hotels and its investment in Servpro, a franchise in the cleanup and emergency restoration industry.<\/p>\n<p>Guggenheim Securities, Morgan Stanley, and White &amp; Case were the advisers to\u00a0Jersey\u00a0Mike\u2019s. Barclays, Bank of America, and Simpson Thacher &amp; Bartlett advised Blackstone on the deal.<\/p>\n<\/p><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/nypost.com\/2024\/11\/19\/business\/jersey-mikes-subs-acquired-by-blackstone-in-8b-deal\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Blackstone\u00a0has agreed to buy\u00a0Jersey\u00a0Mike\u2019s\u00a0Subs, 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, &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=127882\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-127882","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/127882","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=127882"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/127882\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=127882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=127882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=127882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}