Jersey Mike's is getting an $8 billion boost. What's next for the iconic sandwich chain?
Jersey Mike’s has big plans. The beloved sandwich chain has secured an $8 billion investment from private equity giant Blackstone (BX), which has taken a majority stake.
The acquisition, made public on Nov. 19, marks a new chapter for one of the nation’s fastest growing sandwich chains, already on track to national dominance. With Blackstone’s backing, Jersey Mike’s is poised to expand internationally, enhance its technology, and continue delivering high-quality subs.
Experts are bullish on the future of Jersey Mike’s under Blackstone’s stewardship. “It’s a significant financial endorsement for the chain,” said Kaveh Vahdat, founder of advertising firm RiseOpp, in an interview with Quartz. He argues that Blackstone’s deep pockets and expertise in scaling brands could unlock new opportunities for growth, particularly in new markets.
“Jersey Mike’s has a loyal customer base and a strong brand identity, but global recognition is still a work in progress,” Vahdat says. “Blackstone’s resources will help the company navigate the challenges of market expansion, especially in unfamiliar or crowded areas.”
The possibility of international expansion isn’t just a pipe dream – it’s a very real opportunity. Milos Eric, co-founder of hospitality job platform OysterLink, sees Blackstone’s backing as the catalyst Jersey Mike’s needs to accelerate its domestic and global presence.
“Jersey Mike’s will be able to scale in ways that might be more difficult for a publicly traded company,” Eric told Quartz in an interview. Publicly-traded firms face pressure from quarterly earnings and shareholder expectations. Privately-owned companies, on the other hand, have more flexibility and fewer regulatory hurdles to meet.
Technology will also play a critical role in Jersey Mike’s future growth. The chain has already embraced new tech tools like guest-facing tablets to streamline ordering and payments. As Vahdat points out, AI-driven tools could help the brand meet evolving consumer demands.
These technological investments highlight how far Jersey Mike’s has come since its humble beginnings in Point Pleasant, New Jersey, in 1956, when it was still Mike’s Subs. By the time founder Peter Cancro took over the company at just 17 years old in 1975, he began franchising the concept, expanding beyond its New Jersey roots. Today, the brand boasts over 3,000 locations nationwide, with more on the way.
Through all of this growth, Cancro will remain at the helm as CEO. His leadership, forged over decades, is seen as a stabilizing force during this major transition, Tom South, director of organic & web at payment platform EposNow, told Quartz in an interview. Cancro’s true test, however, will be whether he can successfully balance the need for innovation with the company’s core values, Vahdat says.
For Jersey Mike’s, its next chapter is just beginning. With Blackstone’s guidance and financial resources, the sandwich chain is poised for a new era.
“The future looks bright for Jersey Mike’s,” South said.
