Private-equity sponsor
Blackstone: 2 franchise brands
Funds affiliated with Blackstone are named as the ultimate owner in these brands' FDDs.
| Brand | Grade | Investment (Item 7) | Avg gross sales (Item 19) | SBA charge-off | Units | FDD | Owner as the FDD names it |
|---|---|---|---|---|---|---|---|
| Jersey Mike'sQuick-Service Restaurants | A | $436K – $1.2M | $1.4M | 4.4% (n=667) | 3,227 | 2026 | Jersey Mike's HoldCo, LLC (majority owned by investment funds managed by affiliates of Blackstone Inc.)Item 1, p. 9 |
| Tropical Smoothie CafeQuick-Service Restaurants | A | $341K – $815K | $1.0M | 11.2% (n=653) | 1,515 | 2025 | Blackstone Inc. (via investment funds managed by affiliates)Item 1, p. 9 |
- 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.