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| Blackstone files to take Jersey Mike's public |
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By Madeline Shi, Senior Private Equity Reporter
Blackstone has moved to exit another of its top-performing portfolio companies, this time iconic American sandwich chain Jersey Mike's Subs.
The New Jersey-based business, known as much for its subs as its association with actor and superfan Danny DeVito, filed an S-1 with the Securities and Exchange Commission on Thursday, paving the way for a debut on the New York Stock Exchange under the ticker "JMKE."
The number of shares on offer and the price range have yet to be disclosed.
Proceeds will be used, in part, to pay down a portion of the $760 million of debt the company took on earlier this year to refinance existing borrowings from 2019 and 2021, to make debt repayments and to fund a dividend payout to its sponsor, Blackstone, according to the filing.
After the IPO, Blackstone will continue to be in the driver's seat, holding the majority of voting power in Jersey Mike's. The private equity firm acquired Jersey Mike's in late 2024, at a valuation of $8 billion.
Bloomberg in April reported that the sub chain was seeking more than $1 billion from the IPO at a valuation of at least $12 billion. |
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A flurry of PE firms this year have turned to the public markets to exit their backlog of assets, and Blackstone is very much on the bandwagon. So far this year, it has taken marketing business Liftoff Mobile public and prepared several others for IPOs, including Jersey Mike's and PGP Glass, according to PitchBook data.
In April, Jonathan Gray, Blackstone's president and chief operating officer, called 2026 "the year of the IPO," as the listings of several of the largest tech companies help to boost overall market sentiment. Blackstone has nine companies in the IPO pipeline, he added.
Growing from a mom-and-pop sandwich shop in Point Pleasant, NJ, into one of the largest sub franchisors in the country with nearly 3,300 locations, Jersey Mike's has remained a private company since its founding in 1956. |
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| Private credit's 'math problem' points to yearslong liquidity backlog |
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| (Jenna O'Malley/PitchBook News) |
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By Alexander Davis, Head of Enterprise Reporting
Mark Goldberg, an independent researcher and former top executive in the private markets, says the still-growing backlog of redemption requests by wealthy individual investors will take at least a few years to clear—not the "couple of quarters" turnaround that several high-profile fund managers are suggesting.
In a newly published paper, Goldberg compares the redemption queues building inside non-traded BDCs to the travel backlog after a nor'easter: The storm passes, runways get plowed, but stranded travelers still can't get home because there aren't enough open seats to absorb the backlog quickly.
In a Q&A, Goldberg explains why the redemptions timeline is longer, why manager messaging has understated that reality, and what he believes fund managers will ultimately have to do about it.
"I suspect most private credit managers in the wealth space come from an institutional background, with limited experience working with retail clients through a stress period like this—so it's natural to think that once media coverage passes, things go back to normal. My recommendation to both advisers and managers is to reconsider that timeline, because if you tell clients they'll redeem out in two or three quarters and it takes two or three years, you've lost their confidence for a very long time." |
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• Ground beef, beer, iceberg lettuce, ketchup, chicken—the list of staple July Fourth foods impacted by tariffs and the war in Iran is long. "They come, ask the price and then walk away," one Coney Island vendor said. [Financial Times]
• "What's the phone number for the FIFA red card appeal hotline?" former NFL player JJ Watt posted on X, referencing the controversial red card given to USA player Folarin Balogun at the World Cup. The decision can't be overturned, and Balogun will watch Monday's game from the stands. [CNN Sports] |
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