Jersey Mike’s Subs is selling a significant stake to private equity giant Blackstone, ending its nearly seven-decade run as an independently owned business that transformed into a major competitor against well-entrenched competitors like Subway.

The chain is known for its made-to-order subs and prioritizes high-quality ingredients and strong community ties.

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,