close
close

first Drop

Com TW NOw News 2024

    • Is Jersey Mikes for Sale Real? Here’s what we know
    news

    Is Jersey Mikes for Sale Real? Here’s what we know

    Vaseline Posted on

    play

    Jersey Mike’s Subs, the sandwich shop that started on the Jersey Shore nearly 70 years ago and grew into a national franchise, may be coming to market.

    According to multiple reports, buyout firm Blackstone could be close to purchasing Jersey Mike’s Subs for around $8 billion, including debt.

    Apparently the two sides have been in discussions on and off over the past year.

    The news was first reported by the Wall Street Journal on Monday. The deal could be announced this week, a source told Reuters.

    What is Jersey Mike’s?

    Mike’s Submarines store first opened in Point Pleasant in 1956 by Mike Ingravallo.

    The original store was eventually sold to Edmund Navickas and then to brothers Victor and Frank Merlo.

    In 1975, Peter Cancro, a high school football star who worked at the sub shop in the summers, bought it at the age of 17 “with a loan from his football coach, who was also a local banker.”

    Cancro, who is now CEO of Jersey Mike’s Franchise Systems Inc., eventually began expanding in the Jersey area and has never looked back.

    Today there are 2,828 nationwide, and according to Jersey Mike’s website, nearly 300 are still on the way. There are also locations in Mexico and Canada.

    What is Blackstone?

    Blackstone is a private equity firm based in New York City that was called the “world’s largest alternative asset manager” by Forbes Magazine.

    Blackstone, founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, closed trading Monday at $183.01 per share.

    According to Blackstone’s website, the firm has more than $1 trillion in assets under management, with 12,700 real estate assets and more than 240 portfolio companies.

    In April, Blackstone agreed to buy Tropical Smoothie Cafe, marking its latest investment in a franchise business.

    Blackstone’s previous franchise deals include the 2007 acquisition of Hilton Hotels and the investment in Servpro, a franchise in the cleaning and disaster recovery industry.

    Asbury Park reporter Michael L. Diamond and Reuters contributed to this report.

    Vaseline
    View all posts

    You Might Also Like