Jersey Mike’s, one of the biggest sandwich chains in America, was recently sold.
The Wall Street Journal reported that the chain was purchased by private equity firm Blackstone Inc. for an astounding $8 billion.
The significant sale 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,” according to the company.
However, change is on the way, and it’s for the better.
Since the business is growing, more sites will probably open up around the United States, and they also hope to expand internationally!
The Jersey Additionally, Mike’s wants to enhance the client experience by utilizing recently acquired technologies to expand their digital reach.
The best thing is that Peter Cancro, Jersey Mike’s original owner and founder, will retain a large stock share and continue to run the company. In 1956, Cancro began working there at the age of 14, when it was still Mike’s Subs.
Later, in 1987, Cancro purchased the site and started franchising. Jersey Mike’s has expanded to over 3,000 sites in just over 30 years, and they now hope to open even more.
Subway, watch out—they’re pursuing you!
Tropical Smoothie Cafe was also purchased by Blackstone Inc. earlier this year for a tidy $2 billion. The company may now take its staff to Jersey Mike’s for lunch and then Tropical Smoothie for dessert.
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