Blackstone Files for IPO of Jersey Mike’s, Eyeing $10bn–$12bn Valuation

Blackstone Group has filed for an initial public offering (IPO) of Jersey Mike’s, the sandwich chain it acquired in 2024, according to regulatory documents. The filing marks the private equity giant’s latest effort to capitalize on strong financial markets, with the restaurant chain potentially valued between $10bn and $12bn, sources familiar with the matter told the Financial Times.

Blackstone’s $8bn Bet on Jersey Mike’s Hits $10bn–$12bn Target

Blackstone’s acquisition of a majority stake in Jersey Mike’s from entrepreneur Peter Cancro in 2024 was valued at an $8bn valuation. The firm now aims for a $10bn to $12bn valuation for the chain, which would represent a significant return on investment, according to people briefed on the matter. This target suggests Blackstone will have roughly doubled its money, factoring in $500mn in dividends paid by Jersey Mike’s to its owners through a securitization of franchise fees.

The firm’s strategy aligns with its broader push to unlock value through public listings. In 2025, Blackstone distributed $34bn in cash from private equity deals, including proceeds from the listings of Medline Industries and Legence, as reported by the Financial Times. The Jersey Mike’s IPO could further bolster its returns, especially as infrastructure spending driven by AI startups fuels demand for industrial companies like Copeland, another Blackstone portfolio firm planning a public listing.

Jersey Mike’s Revenue Rises 11 per cent to $724mn

Jersey Mike’s, known for its cheesesteaks and Italian cold-cut sandwiches, generated $724mn in revenue last year, an 11 per cent increase from the year prior. Same-store sales growth was 3 per cent last year, a slight acceleration from 2024, signaling continued momentum in the northeastern part of the US, where the chain has a strong presence.

The company reported net income of $55mn last year, though it carries a $2.1bn debt pile, much of which was used to finance Blackstone’s acquisition. The IPO proceeds are expected to pay down part of this debt.

Cancro’s Exit Includes $41mn Private Jet and Family Payroll

Peter Cancro, who sold a majority stake to Blackstone in 2024, received a $41mn private jet last year from Jersey Mike’s, which it bought for him before Blackstone’s 2024 deal.

Cancro stepped down as chief executive in April 2025, though many members of his family were employed by Jersey Mike’s, some collecting pay in the tens of millions of dollars before ultimately departing the company.

Blackstone’s IPO Pipeline Reflects Industry Pressure

Blackstone’s push for an IPO follows a time when many rival private equity firms have struggled to exit deals and seen their returns stagnate. Earlier this year, Blackstone president Jonathan Gray told the Financial Times that the firm’s pipeline of potential listings was “one of our largest . . . in history,” signaling confidence in the current market environment.

What’s Next for Jersey Mike’s and Blackstone?

For Blackstone, the IPO represents a key milestone in its strategy to return capital to investors while maintaining a diversified portfolio of assets.