Jersey Mike's sandwich chain acquired by private equity firm Blackstone

Jersey Mike's, the quickly expanding sandwich chain, is being acquired by the private equity firm Blackstone.

The transaction is "intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market," the companies said Tuesday, as well as aid ongoing technological investments.

Under terms of the agreement, Jersey Mike’s founder and CEO Peter Cancro will continue to lead the business and maintains a “significant equity stake" in the chain.

Blackstone and Jersey Mike’s did not immediately disclose financial terms in their Tuesday announcement. But The Wall Street Journal reported that the deal would value Jersey Mike's at around $8 billion, including debt.

The transaction is expected to be completed in early 2025, subject to regulatory approvals and other closing conditions.