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.

The chain is known for its made-to-order subs and prioritizes high-quality ingredients and strong community ties.

Jersey Mike’s roots date back to 1956, with a Point Pleasant, New Jersey storefront location that was originally called Mike’s Subs. The chain has expanded rapidly over the last decade.