Blackstone strikes $8 billion deal for sandwich chain Jersey Mike's Subs
Private equity giant Blackstone has agreed to buy sandwich chain Jersey Mike's Subs for $8 billion, the companies said Monday.
The deal, which is expected to close in the second half of the year, is the latest in a series of acquisitions by Blackstone in the restaurant sector. In recent years, Blackstone has bought stakes in restaurant chains such as Red Lobster, Olive Garden, and Taco Bell.
Jersey Mike's is a fast-casual restaurant chain founded in 1956. The company has more than 2,000 locations in 46 states. Jersey Mike's is known for its fresh-sliced meats and cheeses, as well as its signature "Mike's Way" sandwich.
The acquisition of Jersey Mike's is a sign of the growing popularity of fast-casual dining.
Fast-casual restaurants offer a more upscale experience than traditional fast-food restaurants, but they are still affordable and convenient. This makes them appealing to a wide range of consumers.
Blackstone is betting that Jersey Mike's is well-positioned to capitalize on the growing popularity of fast-casual dining. The company plans to invest in Jersey Mike's growth, including opening new locations and expanding its menu.
The deal is also a sign of Blackstone's continued interest in the restaurant sector.
Blackstone sees the restaurant sector as a long-term growth opportunity. The company believes that the restaurant industry is resilient to economic downturns and that there is still room for growth in the United States and other markets.
The acquisition of Jersey Mike's is a major coup for Blackstone. Jersey Mike's is a well-respected brand with a strong track record of growth. The acquisition gives Blackstone a foothold in the fast-casual dining segment, which is one of the most promising areas of the restaurant sector.
Here are some of the key details of the deal:
- Blackstone will pay $8 billion for Jersey Mike's.
- The deal is expected to close in the second half of the year.
- Blackstone plans to invest in Jersey Mike's growth, including opening new locations and expanding its menu.
