Jersey Mike’s has become one of America’s fastest growing franchises by positioning its stores as mom-and-pop delis. Now it’s selling a majority stake to Blackstone.

Jersey Mike’s, the quickly expanding sandwich chain, is being acquired by the private equity firm Blackstone in a deal valued at $8 billion.

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,