The CEO of Jersey Mike’s is almost as rich as Mark Cuban
Jersey Mike’s CEO Peter Cancro was on board supreme club—that is, the billionaires club.
Sub sandwich chain and corporate acquisition slat is nearing a deal that values Jersey Mike’s at about $8 billion, Reuters reportedput Cancro on the list of the richest people in the world.
Jersey Mike sub officially announced Tuesday, they reached a deal in which private equity giant Blackstone will acquire majority ownership of the fast-casual sandwich chain, which has more than 3,000 locations. This makes Jersey Mike’s the second largest sub chain in the US, behind subwaythat is is said to be worth up to $10 billion.
According to the announcement, Cancro will maintain a “significant equity stake” and continue to lead the business. The transaction is expected to be completed in early 2025.
After the announcement, Cancro climbed Bloomberg Billionaires Indexand worth about $7.54 billion, according to the listing. This ranks him close Shark tank star and serial investor Mark Cubanpeople with assets worth 7.86 billion USD; and hedge fund managers Bill Ackmanwho has assets worth 7.65 billion USD.
Jersey Mike’s did not immediately respond Luckrequest for comment by.
Who is Peter Cancro?
Cancro has been with the company for more than 50 years. He started working at the company’s original Point Pleasant, NJ location at age 14. At the time, the sandwich shop was called Mike’s Subs.
“I would sprinkle the side dishes as they came down the line, wrap them up and work the cash register,” Cancro wrote in an article. Article “How I started” published in Luck in 2020. “I did everything, except I wasn’t old enough to work with a slicer.”
Courtesy of Jersey Mike’s
Cancro earned a whopping $1.75 per hour, “which was a lot of money in 1971,” he wrote. But he started to dream bigger when he learned the store owner wanted to sell.
“One night, my mother said, “Sold Mike. Why don’t you buy it?” I laughed and went upstairs,” Cancro wrote. “When I reached the top, I decided to do it.”
To make that happen, Cancro tried knocking on every door to raise money. After that proved unsuccessful, Cancro called in his football coach, Rod Smith, who also happened to be a banker.
“He knows me and he says I always put the ball over the line,” Cancro wrote. “Back then, you shook hands, trusted people and did business like that.”
In 1987, he began franchising units and by the time the recession hit in 1991, the chain had 35 stores. But at that time, borrowing money was very difficult.
“Everything we made was spent on growth, advertising, and attracting more people, and we overspent,” Cancro wrote. “We were a million and a half dollars negative and were advised to declare bankruptcy, but I refused.”
Photographed by Patrick James Miller for Fortune magazine
And it’s good that Cancro persevered. The chain regained momentum, reaching 100 stores by 1998. And despite another recession in 2008 and 2009, “there was still some money left to lend,” Cancro recalls.
“Everyone was affected, but our company made it through because we had enough stores open and had planned better for capital and growth,” he wrote.
Today, Jersey Mike’s is recognized as one of the fastest-growing fast-casual chains in America. This year, the chain ranked 2nd above businessmen’Franchise s 500. According to businessmenit costs up to $1.3 million to open a Jersey Mike’s franchise location in New Jersey.
“We believe we are still in the early stages of Jersey Mike’s growth story and Blackstone is the right partner to help us reach even greater heights,” Cancro said in a statement.
Cancro also remains focused on philanthropy, having donated more than $113 million to local charities since 2011, according to Jersey Mike’s.
“What I love about being a CEO is making a difference in people’s lives,” Cancro wrote. “For the most part I am most proud of coaching all of my children’s sports teams. No matter how busy I am, I still come back to join their practice sessions. And they all got their first jobs at age 14.”
