(Bloomberg) – Blackstone Inc. agreed to buy a majority stake in sandwich chain Jersey Mike’s as the alternative asset manager looks to boost its investments in food service chains.

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Peter Cancro, Jersey Mike’s founder and CEO, will retain a significant equity stake and continue to lead the company, according to a statement Tuesday. A transaction is expected to close early next year. Financial terms were not disclosed. The deal could value Jersey Mike’s at about $8 billion including debt, Bloomberg News reports.

The move follows last year’s agreement by private equity firm Roark Capital Group to buy Subway, Jersey Mike’s larger rival, for more than $9 billion.

In February, Blackstone announced a growth equity investment in 7 Brew Coffee to help accelerate the expansion of its drive-thru beverage business. In April, Blackstone said it had agreed to acquire Tropical Smoothie Cafe, a franchisor of fast-casual restaurants, from Levine Leichtman Capital Partners.

Cancro started working at Jersey Mike’s original location in Point Pleasant, New Jersey when he was 14. He acquired the location in 1975 and began franchising units in 1987. Jersey Mike’s has more than 3,000 locations open and under development in the U.S., according to the statement. .

Guggenheim Securities LLC and Morgan Stanley were financial advisors to Jersey Mike’s, while Barclays Plc and Bank of America Corp. Blackstone advised.

(Updates throughout with official statement.)

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