the staff of the Ridgewood blog
Ridgewood NJ, Jersey Mike’s Subs, the beloved sandwich chain that started at the Jersey Shore nearly 70 years ago, might soon have a new owner. Reports indicate that private equity giant Blackstone is in advanced talks to acquire the company in a deal valued at around $8 billion, including debt.
Jersey Mike’s Subs, known for its fresh sliced/fresh grilled subs, opened in Ridgewood on February 8 2017 by franchise owners Bradford Fritts and Steve Korman.
The discussions have reportedly been on-and-off throughout the year, with sources suggesting an announcement could come as early as this week. The Wall Street Journal first broke the news, followed by confirmation from Reuters.
From Jersey Shore Beginnings to National Fame
Jersey Mike’s journey began in 1956 in Point Pleasant, New Jersey, when Mike Ingravallo opened a small sub shop known as Mike’s Submarines. Over time, the shop changed hands before being purchased in 1975 by then-17-year-old Peter Cancro, who worked there during summers.
With a loan from his high school football coach—who was also a banker—Cancro bought the shop and set out to expand the brand. Today, Cancro serves as CEO, overseeing a franchise system that boasts 2,828 locations nationwide, with nearly 300 more on the way. Jersey Mike’s also has an international footprint, with locations in Mexico and Canada.
The original Point Pleasant store now serves as a training center for franchisees.
Blackstone: The Buyer in Question
Blackstone, a New York City-based private equity firm, is considered the world’s largest alternative asset manager, with over $1 trillion in assets under management.
Founded in 1985 by Stephen A. Schwarzman and Peter G. Peterson, Blackstone has a strong track record of franchise investments. In April, the firm acquired Tropical Smoothie Cafe and previously invested in major brands like Hilton Hotels and Servpro, a cleanup and restoration franchise.
Blackstone’s expertise in scaling and managing large enterprises could bring new opportunities to Jersey Mike’s, particularly as the chain continues its rapid expansion.
What’s Next for Jersey Mike’s?
If the deal goes through, Jersey Mike’s would join a growing list of successful franchise businesses under Blackstone’s portfolio. As one of the fastest-growing sandwich shops in the U.S., the brand’s partnership with Blackstone could further solidify its place in the competitive fast-casual dining industry.
For fans of Jersey Mike’s, it’s a moment of anticipation to see how the potential acquisition might shape the future of their favorite sub shop.
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