Jersey Mike’s, a sandwich chain known for its fresh ingredients and deep community roots, is entering a new era with its acquisition by Blackstone, a leading global investment firm. Announced this week, the deal hands Blackstone majority ownership of the company, valuing it at an estimated $8 billion. The partnership aims to help Jersey Mike’s grow even further, both within the U.S. and internationally, while strengthening its technology and operations. Founder and CEO Peter Cancro, who has led the company for decades, will stay on board and keep a 10% stake. Under his leadership, the brand has expanded to more than 2,800 locations and achieved $3.3 billion in sales in 2023.
This milestone adds another chapter to Jersey Mike’s incredible story, which began in 1956 as a small sub shop in Point Pleasant, New Jersey. Cancro’s journey is just as not worthy. As a teenager, he worked at the original shop and, at just 17, bought it with the help of a loan from his football coach. What started as a local favorite grew into one of the nation’s biggest restaurant chains, thanks to Cancro’s vision and determination. After franchising began in 1987, the brand’s growth took off, and today, Jersey Mike’s ranks as the 30th largest U.S. restaurant chain by sales, known for its fresh subs and hometown charm.
But success hasn’t come without its hurdles. Jersey Mike's has faced its share of tough times, from economic struggles to the challenges brought on by the pandemic. Through it all, Cancro has been hands-on, investing millions to help struggling franchisees and keep the business thriving. While the sandwich market is competitive, with rivals like Subway and Jimmy John’s constantly seeking attention, Jersey Mike’s has established its niche by staying true to its roots: freshly sliced meats, generous portions, and a focus on building strong community connections.
With Blackstone’s backing, Jersey Mike’s is set to grow even further while staying true to the values that make it unique. Giving back has always been central to the company’s mission, from supporting local sports programs to raising millions for charitable causes. With Cancro at the helm and Blackstone’s resources behind it, Jersey Mike’s is expected to bring its iconic subs and welcoming sense of community to even more people around the globe.
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