Blackstone Inc., a leading global investment firm, announced plans to acquire a majority stake in Jersey Mike's Subs, a rapidly expanding sandwich chain, in a deal valued at approximately $8 billion, including debt.

This acquisition aligns with Blackstone's strategy of investing in high-growth franchise businesses, building on its experience with companies like Hilton Hotels and Tropical Smoothie Cafe.

Jersey Mike’s founder and CEO Peter Cancro will retain an equity stake in the company and continue to lead the business.

The deal is expected to close in early 2025, subject to regulatory approvals and customary closing conditions.