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(Bloomberg) — Jersey Mike’s Subs Inc., the sandwich chain backed by Blackstone Inc., filed for an initial public offering that would join a rebound in US listing activity.
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Jersey Mike’s has more than 3,300 locations in the US and Canada. It partnered with its founder and former Chief Executive Officer Peter Cancro to open 300 stores in the UK and Ireland.
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After the completion of this offering, entities controlled by affiliates of Blackstone Inc. will hold a majority of the combined voting power of Jersey Mike’s shares eligible to vote for the election of directors.
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The S&P 1500 Restaurants Index is down 1.2% year-to-date through the July 1 close, underperforming the S&P 500 Index’s 9.3% advance, as operators navigate through a diffcult environment, with a pressured, value-seeking consumer, cost inflation, and an elevated promotional environment.
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Jersey Mike’s was acquired by Blackstone last year for about $8 billion including debt. The chain is seeking a valuation of at least $12 billion in its IPO, which is anticipated to raise more than $1 billion, people familiar with the matter said earlier this year.
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Cancro founded Jersey Mike’s Subs in 1975 at age 17, when he purchased the first Mike’s Subs shop in Point Pleasant, New Jersey. He grew the company for nearly 50 years before transitioning to chairman in April, with former CEO of Wingstop Inc. and Salad and Go, Charlie Morrison, taking the helm at the sub shop.
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Morgan Stanley, Jefferies Financial Group Inc. and JPMorgan Chase & Co. are leading the offering. The company seeks to list on the New York Stock Exchange under the symbol JMKE.
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