How Jersey Mike’s Growth Is Accelerating Under Blackstone Ownership

Jersey Mike’s is entering a new era of growth, according to a recent Nation’s Restaurant News article. Just months after finalizing a majority acquisition deal with private equity giant Blackstone, the New Jersey-based sub chain is already pushing into new territory, both geographically and strategically.

With over 2,600 locations across all 50 states, Jersey Mike’s has experienced double-digit growth in recent years, opening about 300 stores annually. Under Blackstone ownership, the company plans to accelerate that number to 350-400 stores per year by 2026 and 2027. The brand is also expanding beyond U.S. borders, having just opened its first stores in Canada through a partnership with Redberry Restaurants and aiming to open 10-15 more this year, particularly in Toronto. A European expansion is on the horizon as well.

“Obviously they bring a lot to the table with international expansion, and they're going to help quite a bit there as the [growth momentum] keeps evolving,” said longtime CEO Peter Cancro, who has been with the company for 50 years. Despite Blackstone’s majority stake, Cancro retains 10% ownership and continues to lead the brand.

Jersey Mike’s evolution under Blackstone highlights how private equity can be a powerful catalyst for international franchising. By maintaining its existing leadership and focusing on franchisee relationships, the brand shows how scaling rapidly doesn’t have to mean compromising on quality or culture. This model could serve as a blueprint for other franchise systems navigating growth while preserving core values and operational standards.