NEW YORK Jersey Mike’s, the quickly expanding sandwich chain, is being acquired by asset management giant Blackstone. In the transaction announced Tuesday, private equity funds managed by Blackstone will be used to acquire majority ownership of Jersey Mike’s. The deal is “intended to help enable Jersey Mike’s to accelerate its expansion across and beyond […]

Private equity firm Blackstone will take control of Jersey Mike's though CEO Peter Cancro will retain a significant stake in the company.

In 1975, Peter Cancro, then a 17-year-old high school senior, bought the operation with help from his football coach.

NEW YORK (AP) Jersey Mike’s, the quickly expanding sandwich chain, is being acquired by the private equity firm Blackstone. The transaction is “intended to help enable Jersey Mikes to accelerate its expansion across and beyond the U.S. market,” the companies said Tuesday, as well as aid ongoing technological investments. Under terms of the agreement, Jersey M...