Jersey Mike’s sold? Iconic sub shop started at the Jersey Shore

💲 Jersey Mike's reportedly close to a sale
💲 Sub shop opened in Point Beach in 1956
💲 Owner Peter Cancro has built a fast-food empire

A sub shop that started on the Point Beach boardwalk nearly 70 years ago has grown into a multibillion-dollar empire.

Despite operating more than 2,800 locations nationwide, Jersey Mike's has maintained the friendly local shop feel and Jersey attitude that made that first shop such a success.

Owner Peter Cancro, who still jumps behind the counter to make sandwiches, has been on an aggressive expansion in recent years with plans to open another 300 restaurants.

The franchise has been an attractive target for investors and is now reportedly in final talks for acquisition by a major player in the industry.

According to the Wall Street Journal, buyout firm Blackstone is prepared to pay $8 billion for Jersey Mike's.

Neither side is talking, but Reuters reports the deal could be announced this week.

The History of Jersey Mike's

Jersey Mike's is a true story of a Jersey boy who makes good.

The original Mike's Subs opened on the Point Pleasant Beach boardwalk in 1956. It was one of the first sub shops in America.

Current owner, Peter Cancro, worked at that location as a teenager and fell in love with the shop.

When he heard the original Mike was looking to sell his store, Peter went to his football coach who was also a local banker.

He arranged a loan, and the 17-year-old Peter purchased the business in 1975.

One of the first things Peter did was start opening new locations in New Jersey.

He has never stopped opening new stores. People all over the United States are getting a little taste of Jersey thanks to Jersey Mike's.

Who is the buyer?

The buyout firm Blackstone has been rumored to be interested in adding Jersey Mike's to its portfolio of franchise ownership for some time.

Blackstone purchased Tropical Smoothie Cafe earlier this year.

They also own the Hilton Hotel chain and is a major investor in the cleanup company Servepro.

The Wall Street Journal and Reuters were the first to report the sale was close to happening.

How much will Jersey Mike's sell for?

Neither Blackstone nor Jersey Mike's is commenting on a potential deal.

It's been reported the company could sell for as much as $8 billion.

Jersey Mike's reports about $2 billion in annual sales.

The most recent comparative deal is the sale of Subway restaurants for a reported $9.55 billion.

Subway has more than 37,000 restaurants in 100 countries and reports annual sales of over $10 billion.

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