Repeats story published Friday with no changes to text

By Abigail Summerville

Jan 16 (Reuters) - Jersey Mike’s Subs invited banks earlier this month to a so-called bake-off where they competed for a role on a potential initial public offering, laying the groundwork for the sandwich chain to become a publicly traded company as soon as this year, three sources familiar with the matter said.

Private equity firm Blackstone acquired Jersey Mike's last year for around $8 billion, but mom-and-pop investors would likely bid that value up even higher, sources said. Its most recent valuation included debt and an earn-out agreement that will pay the full price after Jersey Mike’s opens 4,000 stores, sources said at the time.

Blackstone and Jersey Mike's declined to comment.

Jersey Mike’s currently has over 3,200 locations across North America and announced this week that it plans to open 400 stores in the UK and Ireland in partnership with its founder and former CEO Peter Cancro.

Cancro founded Jersey Mike’s in 1975 when he was 17 years old and bought Mike’s Subs shop in Point Pleasant, New Jersey. He began franchising the business in 1987.

Blackstone brought in Charlie Morrison as the company’s new CEO last April. Morrison was chairman and CEO of Wingstop WING.O from 2012 to 2022.

The U.S. IPO market is picking up steam after a few quiet years, especially for consumer and retail companies.

(Reporting by Abigail Summerville in New York; Editing by Dawn Kopecki and David Gregorio)

((abigail.summerville@thomsonreuters.com))