Peter Cancro, the long-time CEO of Jersey Mike’s Subs, has officially joined the ranks of billionaires, solidifying his place among the world’s wealthiest. This milestone follows a groundbreaking deal with private equity firm Blackstone that values the fast-casual sandwich chain at an impressive $8 billion.
Jersey Mike’s announced Tuesday that Blackstone will acquire majority ownership of the chain, which boasts over 3,000 locations across the U.S. and ranks as the second-largest sub sandwich brand in the country, trailing only Subway. The deal, expected to close in early 2025, positions Cancro to retain a significant equity stake and continue leading the company he has nurtured for decades.
With this transaction, Cancro’s net worth skyrocketed to approximately $7.54 billion, according to the Bloomberg Billionaires Index. This valuation places him near high-profile names such as “Shark Tank” investor Mark Cuban and hedge fund manager Bill Ackman.
Cancro’s journey with Jersey Mike’s began at just 14 years old, when he started working at Mike’s Subs, the original sandwich shop in Point Pleasant, New Jersey. Earning $1.75 an hour, Cancro handled everything from wrapping subs to running the cash register—though he was too young to use the meat slicer.
His entrepreneurial spark was ignited when the original owner decided to sell. Encouraged by his mother, Cancro decided to purchase the shop at just 17 years old. Lacking the funds, he turned to his football coach and local banker, Rod Smith, who believed in Cancro’s determination and helped secure the financing.
In 1987, Cancro began franchising the business, and by 1991, despite economic challenges, the chain had grown to 35 locations. The recession made further expansion difficult, but Cancro’s perseverance ensured the brand’s continued growth.
Today, Jersey Mike’s stands as a testament to Cancro’s vision and leadership. The brand’s focus on fresh ingredients and community connections has resonated with customers, propelling its growth to over 3,000 locations. The $8 billion valuation cements Jersey Mike’s as a dominant force in the fast-casual dining industry and underscores the power of its business model in a competitive market.
For Cancro, the Blackstone deal is not the end but a new chapter in his story. Maintaining an active role in the company ensures his influence will continue shaping Jersey Mike’s future. As Cancro reflects on his journey from teenage sandwich maker to billionaire CEO, his story inspires entrepreneurs across the business landscape, particularly in the South’s burgeoning food and hospitality sectors.
Cancro’s rise underscores the value of grit, determination, and an unwavering belief in one’s vision—proving that sometimes, all it takes is a handshake and a dream to build a multibillion-dollar empire.
