Jersey Mike’s CEO Peter Cancro has entered the club supreme—the billionaire’s club, that is. The sub sandwich chain and buyout firm Blackstone are nearing a deal valuing Jersey Mike’s at about $8 billion,

Jersey Mike's founder and CEO Peter Cancro has gone from a teenager slinging subs to one of the world's 400 richest people after selling to Blackstone.

Blackstone has agreed to buy Jersey Mike's Subs, the sandwich chain said on Tuesday, in a deal that a source said valued the company at around $8 billion, including debt. Reuters had reported on Monday,

Private equity firm Blackstone will purchase a majority stake in Jersey Mike's Subs, the sub sandwich chain born and raised at the Jersey Shore.

The New Jersey-based sub giant, reportedly valued at $8 billion, aims to grow beyond 3,000 locations in the U.S.

Blackstone aims to assist Jersey Mike’s sandwich chain in its expansion efforts both within the US and internationally. Credit: John Hanson Pye/ Shutterstock. Blackstone has agreed to acquire Jersey Mike's Subs for $8bn,

KEY TAKEAWAYS Blackstone has bought control of Jersey Mike’s Subs, in the latest move by the private equity giant to buy franchisors.Blackstone didn’t give a deal amount, but The Wall Street Journal,