Blackstone is preparing a potential public markets exit from Jersey Mike’s Subs, after the sandwich chain confidentially filed for an initial public offering in the US, according to the Wall Street Journal.

The filing marks a significant step in monetising the private equity firm’s investment, following its acquisition of a majority stake in 2025 in a deal that valued the business at approximately $8bn, including debt.

Jersey Mike’s operates more than 3,200 locations and ranks as the second-largest sub-style sandwich chain in the US by sales.

Founder Peter Cancro retains roughly a 10% stake and remains involved in the business, ensuring continuity as the company transitions towards public ownership.

In parallel, the company is accelerating its international expansion strategy, having recently agreed to open 400 new stores across the UK and Ireland through a franchise partnership.

The IPO remains subject to market conditions, with details such as pricing and share allocation yet to be finalised.

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