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Private equity giant Blackstone will acquire a majority ownership position in Jersey Mike’s, the fast-growing sub shop purchased by Peter Cancro in 1975. Terms of the deal were not disclosed.

Cancro will maintain a significant equity stake and continue to lead the business. The partnership with Blackstone is intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market, and continue its technology and digital transformation, according to the companies.