Private-equity sponsor
Blackstone: 2 franchise brands
Funds affiliated with Blackstone are named as the ultimate owner in these brands' FDDs.
2025 and 2026 FDDs (Item 1 ownership)SBA 7(a) data through FY2026Updated How we score
Portfolio summary
- Grades
- 2 A
- Units listed (Item 20)
- 4,742
- Largest: Jersey Mike's, 68%
- Lowest SBA charge-off
- 4.4% Jersey Mike's, n=409 resolved
- Highest SBA charge-off
- 11.3% Tropical Smoothie Cafe, n=353 resolved
The 2 brands
| Brand | Grade | Investment (Item 7) | Avg gross sales (Item 19) | Units (Item 20) | SBA charge-off | FDD | Owner as the FDD names it |
|---|---|---|---|---|---|---|---|
| Jersey Mike'sQuick-Service Restaurants | A | $436K – $1.2M | $1.4M | 3,227 | 4.4% (n=409 resolved) | 2026 | Jersey Mike's HoldCo, LLC (majority owned by investment funds managed by affiliates of Blackstone Inc.)p. 9 |
| Tropical Smoothie CafeQuick-Service Restaurants | A | $341K – $815K | $1.0M | 1,515 | 11.3% (n=353 resolved) | 2025 | Blackstone Inc. (via investment funds managed by affiliates)p. 9 |
SBA record
2 of the 2 brands have an SBA 7(a) charge-off rate on enough resolved loans to print, from 4.4% to 11.3%. The rest have too few resolved loans, or none matched. Each rate is charge-offs over resolved loans (paid in full or charged off), from SBA FOIA loan records.
Method
- Ownership is what each brand's own FDD states in Item 1 on its issue date (2025, 2026 filings); a later sale is not reflected until a newer filing says so.
- Grades are an editorial assessment of each brand, not of the owner, and not investment advice. Gross sales are revenue, not profit.
- A charge-off rate shows only where at least 10 SBA 7(a) loans have resolved and loans reach 2% of franchised units.
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