Blackstone (BX, Financial) is reportedly close to finalizing a deal to acquire the sandwich chain Jersey Mike's for approximately $8 billion, including debt. The announcement of this acquisition could come soon, although no final agreement has been reached yet, leaving room for the possibility that talks could fail.
This potential deal comes after Roark Capital Group's recent $9 billion acquisition of Subway, a larger competitor of Jersey Mike's, showcasing heightened interest in food service investments. Blackstone has been actively investing in this sector throughout the year.
In February, Blackstone announced a growth equity investment in 7 Brew Coffee to speed up the development of its drive-thru beverage business. Furthermore, in April, Blackstone agreed to acquire franchise operator Tropical Smoothie Cafe from Levine Leichtman Capital Partners, further solidifying its focus on expanding its presence in the food and beverage industry.
