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Jersey Mike’s IPO to fund employee bonuses up to 200%
The bonus pool is funded from Blackstone IPO proceeds and eligibility for the headquarters-based employees runs from 0% to 200% of eligible compensation.
Jersey Mike’s became a publicly traded company on July 30, following an IPO that valued the sandwich chain at about $7 billion, with shares priced in the middle of their IPO range before slipping slightly in early trading, according to Yahoo Finance.
The listing also marks the first time Blackstone has taken its broad-based employee ownership program to the public markets, a framework it announced in May 2024 for future U.S. private equity control investments.
Under the plan, 293 corporate employees at Jersey Mike’s New Jersey headquarters are eligible for bonuses ranging from 0% to 200% of eligible compensation. Yahoo Finance reports that the payouts are funded directly by Blackstone IPO proceeds and depend on Blackstone’s return on its original investment, with possible proration based on employee tenure.
Employees must have worked for at least one year at the time Blackstone gives up control to qualify, while executives are slated to receive stock grants. The program does not cover franchisees, franchise staff, or employees of corporate-owned stores, meaning most workers who assemble subs are excluded, the outlet reports.