Blackstone's Jersey Mike's IPO doubles as an employee-ownership play

1 min read
Source: Yahoo Finance
Blackstone's Jersey Mike's IPO doubles as an employee-ownership play
Photo: Yahoo Finance
TL;DR

Blackstone is taking Jersey Mike's public at about a $7 billion valuation, transforming the founder-run chain into a professional company with new leadership and a broad employee-ownership plan funded by Blackstone’s payout. Corporate employees can receive cash or equity worth 0%–200% of eligible pay, while franchisees and store workers aren’t eligible. Cancro steps from CEO to board, Blackstone keeps roughly two-thirds of voting power, and expansion plans include a larger store pipeline and master franchise moves to Ireland (plus existing Canada expansion). This marks the first public outing of Blackstone’s broad ownership approach.

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