Key facts
- Jersey Mike's is preparing for an initial public offering (IPO).
- The company plans to expand its US store count from approximately 3,300 to as many as 7,500.
- International expansion is planned, with 300 stores targeted for Canada and 300 for the UK and Ireland.
- The chain highlights its 'protein-forward' menu, suitable for various dietary preferences.
- Founder Peter Cancro received a $41 million private jet from the company in 2024.
- Several of Cancro's family members have received significant compensation from the business.
Jersey Mike's, the sandwich chain, is preparing for a significant stock market debut, which is on track to be the second-largest restaurant IPO on record. The company, founded by Peter Cancro after he purchased a New Jersey sandwich shop in 1975, has grown into a national presence with approximately 3,300 mostly franchisee-operated restaurants. Private equity firm Blackstone acquired a majority stake in the company for $8 billion.
According to its latest S-1 filing with the Securities and Exchange Commission, Jersey Mike's has ambitious expansion plans. The company estimates it could open as many as 7,500 stores in the US, believing it remains under-penetrated in all markets. Further international growth is anticipated, with plans to open 300 stores in Canada and another 300 in the UK and Ireland.
The chain also positions its menu to align with current dietary trends, describing it as 'protein-forward' and suitable for those following protein-focused diets or using weight-loss drugs like GLP-1s. The Italian sub, for example, is noted to contain approximately 47 grams of protein, and ten other subs offer at least 35 grams. Two-thirds of its subs sold are cold, with the largest share of sales occurring at lunchtime.
The filing also revealed substantial payments made to founder Peter Cancro's family members. Between 2023 and 2025, his brother John Cancro received about $21 million, brother-in-law Daniel Powers made approximately $32 million, and stepson Phillip Sivolobov, a former director, earned nearly $51 million. These payments concluded in the first quarter of 2026.
Additionally, Jersey Mike's purchased a private jet for founder Peter Cancro in 2024 for $41 million. This jet was transferred to an entity controlled by Cancro, who also received about $2 million last year for air transportation costs. These expenditures occurred shortly before Blackstone's majority stake acquisition in January 2025.