The original Jersey Mike’s location on Arnold Avenue in Point Pleasant Beach, which now serves as a training center. (File Photo)
Jersey Mike’s, the chain of sandwich shops which grew from a humble corner store in Point Pleasant Beach to more than 3,500 locations across three countries, is having a majority stake in the company acquired in a deal reportedly valued at about $8 billion.
Blackstone Group will acquire the majority of shares in the company, however a “significant” ownership stake will be retained by its founder and CEO Peter Cancro, who will continue to lead the business. The monetary details of the acquisition have not been revealed publicly, however the $8 billion has been widely reported as the deal’s value, including by the Wall Street Journal.
The partnership with Blackstone is intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market, as well as its continued investment in technology and digital transformation. Jersey Mike’s has served as one of the Shore area’s most symbolic ambassadors in pop culture, with its subs often sporting ‘Jersey’ sounding names and photos of modern and classic local spots – from the Manasquan Inlet, to Lavallette’s oceanfront, to the Seaside Heights boardwalk – adorning the walls of restaurants nationwide.
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Cancro, who remains a local resident, began working at the company’s original Point Pleasant Beach location at the age of 14, which was founded in 1956 as Mike’s Subs. He purchased the restaurant in 1975 at age 17, and just 12 years later began franchising new locations. Today, Jersey Mike’s is a “premier national franchisor,” according to Blackstone, with more than 3,000 locations nationwide open and in development. The company has been recognized as one of the fastest-growing fast-casual restaurant chains in America and ranked number two on Entrepreneur’s 2024 Franchise 500.
The original Jersey Mike’s location is still standing near the “bend” of Arnold Avenue in Point Pleasant Beach, however it now serves as the company’s training center. Another Jersey Mike’s location in Point Pleasant Beach – a modern restaurant – is located on Route 35 South.
“We believe we are still in the early innings of Jersey Mike’s growth story and that Blackstone is the right partner to help us reach even greater heights,” said Cancro.
The deal also drew excitement from Blackstone, which sees the company as fast-growing amidst its already ballooning portfolio of locations.
“We are excited to partner with an entrepreneur of Peter’s caliber and the talented Jersey Mike’s team,” said Senior Managing Director Peter Wallace. “Our capital and resources will help support key investments in growth and technology for the benefit of Jersey Mike’s customers and exceptional franchisees. I highly recommend the #13 Original Italian, Mike’s Way.”
Jersey Mike’s – and Cancro himself – have collective emerged as one of the region’s most generous philanthropic benefactors as well. The company recently completed its 14th annual Month of Giving, surpassing over $113 million raised for local charities since 2011. It has also launched the Coach Rod Smith Ownership program, which helps provide store-level managers greater opportunities to become Jersey Mike’s franchise owners.
Rod Smith was a local football coach who helped Cancro purchase the business as a teenager.
The transaction is expected to be completed in early 2025 subject to the satisfaction of certain closing conditions, including applicable regulatory approvals.
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