Jersey Mike's, the quickly expanding sandwich chain, is being acquired by the private equity firm Blackstone. The transaction is "intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.

Asset management firm Blackstone will become the majority owner of sandwich chain Jersey Mike’s in a deal that values the company at a reported $8 billion.

Forbes spoke to the sandwich chain’s owner Peter Cancro earlier this year about selling out and why he would trust Blackstone with the business he’s owned since age 17.