Blackstone, a prominent US investment firm, has initiated talks to acquire the submarine sandwich franchise Jersey Mike’s, as reported by the Wall Street Journal (WSJ).

This potential deal is estimated to value the business at $8bn.

The discussions between Blackstone and the New Jersey-headquartered sandwich chain are described as intermittent, with recent talks having decelerated. Nevertheless, Jersey Mike’s is open to exploring a deal with Blackstone or another prospective buyer.

Originally established as Mike’s Subs in 1956 along the Jersey Shore in the United States, Jersey Mike’s has witnessed remarkable growth under CEO Peter Cancro, who took ownership in 1975 and rebranded the company. Cancro has been actively franchising the brand since the 1980s.

Renowned for its sandwiches loaded with freshly sliced meats and condiments, the chain now boasts 2,684 outlets across the US.

According to the Wall Street Journal, which referenced Technomic’s data, Jersey Mike’s achieved sales of $3.3bn in 2023, marking a significant increase from 2019 figures.

Cancro, who solely owns the franchise, has ambitions to extend the chain to 4,000 locations, targeting $6.5bn in sales by 2027.

His strategy includes marketing initiatives, notably commercials featuring Danny DeVito, a celebrated actor from New Jersey.

“The coming three years are when we anticipate significant expansion,” Cancro was quoted by the WSJ in 2023.

The acquisition of sandwich competitor Jimmy John’s by Roark-backed Inspire Brands in 2019 has led private equity firms to scrutinize Jersey Mike’s more closely.

In the early part of 2024, Jersey Mike’s collaborated with Soundhound to trial AI-driven voice ordering through telephone calls.

This innovative voice AI technology is currently operational in 50 Jersey Mike’s locations across the US, proficiently handling the full range of the chain’s menu.


Shawon Hannan is a seasoned culinary connoisseur and passionate food blogger. Explore captivating stories, insightful reviews, and delectable recipes with Hannan. Join the mouthwatering journey through gastronomy on Feast Magazine. For inquiries, contact or connect on Twitter @shawon_hannan.

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