BX - Jersey Mike's looking for a buyer - report
2024-04-05 13:07:36 ET
- Sandwich chain Jersey Mike’s Subs is considering a sale, sources familiar with the matter told The Wall Street Journal .
- The second-largest sandwich chain in the country is expected to fetch around $8B with Blackstone ( NYSE: BX ) among buyers reportedly interested in the company.
- A Sub Above, LLC, dba Jersey Mike’s Subs began in 1956 as a single sub shop in Point Pleasant, NJ called Mike’s Subs. The original shop was purchased by 17-year old employee and current CEO, Peter Cancro in 1972 and has since expanded to 2,557 locations with 19K employees. According to data cited by the Journal , Jersey Mike's did $3.3B in sales in 2023, tripling from 2019.
- Other names in the sector are trading higher with Potbelly Corp ( PBPB ) up 2.3%, FAT Brands ( FAT ) higher by 2%, Sweetgreen ( SG ) higher by 4%, and Shake Shack ( SHAK ) trading almost 1% higher.