According to a press release from Inspire, the board of directors of Jimmy John’s unanimously approved the sale. This includes founder and chairman Jimmy John Liautaud, according to the release.
The financial terms of the sale were not disclosed.
The move is a big one for Inspire. After the acquisition closes, Inspire will rank as the fourth-largest restaurant company in the United States. Inspire will have more than $14 billion in annual system sales and operate more than 11,200 restaurants across 16 countries.
“Jimmy John’s has found the ideal home at Inspire,” Liautaud said in a written statement. “I couldn’t be prouder of the company we’ve built, and I can’t wait to see what Jimmy John’s is able to accomplish under Inspire’s leadership.”
Liautaud founded Jimmy John’s in 1983. The company now has more than 2,800 locations in 43 states.