Jersey Mike’s, the sandwich chain owned by Blackstone Group, has filed for an initial public offering as it taps buoyant financial markets to list portfolio companies and return cash to investors.
For Blackstone, the listing could result in a large and swift windfall for the $1.3tn in assets alternative investment giant after it acquired a majority stake in Jersey Mike’s at an $8bn valuation after the 2024 deal announcement.
Blackstone was targeting a valuation of about $10bn-$12bn for the restaurant chain, which is popular in the northeastern part of the US for its cheesesteak and Italian cold-cut sandwiches, according to people briefed on the matter. At that valuation, Blackstone will have roughly doubled its money on the 2024 deal, when including nearly $500mn in dividends Jersey Mike’s paid its owners as part of a securitisation of some of its franchise fees.