Private equity firm Blackstone could soon own the popular sandwich chain Jersey Mike’s Subs. According to The Wall Street Journal, the deal would value Jersey Mike’s at $8 billion, including debt. 

In an update Tuesday, Nov. 19, Blackstone responded to the Journal’s report and confirmed it has struck a deal to take a majority stake in the Manasquan, N.J.-based sandwich chain.

Download the SAN app today to stay up-to-date with Unbiased. Straight Facts™.

Point phone camera here

Blackstone has a history of investing in franchise businesses. It just made a deal in April to buy Tropical Smoothie Café. The Journal also mentions Blackstone’s deal for franchiser Hilton Hotels was the “most profitable private-equity investment in real estate ever.”

Jersey Mike’s, which now has over 3,000 locations, has its roots as a sandwich shop that opened on the Jersey Shore in 1956. In 1975, 17-year-old employee Peter Cancro bought the shop, changed its name to Jersey Mike’s, and began franchising it years later. He remains the company’s CEO.

Consulting company Technomic said Jersey Mike’s is the second largest sub-style sandwich company in the U.S. by sales after Subway.