### Blackstone Acquires Jersey Mike's to Boost Expansion and Tech Investments

NEW YORK - The burgeoning sandwich chain Jersey Mike's is set to be acquired by the private equity firm Blackstone. The move aims to accelerate the chain's expansion both within the United States and internationally, as well as to bolster ongoing technological advancements, the companies announced on Tuesday.

Peter Cancro, the founder and CEO of Jersey Mike's, will continue to helm the business and retain a significant equity stake under the new agreement. While financial specifics of the deal were not divulged, The Wall Street Journal has estimated the transaction to value Jersey Mike's around $8 billion, including debt.

Jersey Mike's began its journey in 1956 with the opening of its first store called Mike's Subs in Point Pleasant. A pivotal moment occurred in the summer of 1971 when a 14-year-old Peter Cancro was hired by the original shop owner. In 1975, with a $125,000 loan secured with the help of his football coach, Cancro purchased the store, subsequently opening two additional locations.

By 1987, Cancro rebranded the chain to "Jersey Mike's" and started franchising. Today, there are 2,828 Jersey Mike's stores nationwide, including 140 locations in New Jersey.