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Jersey Mike’s founder, Pete, bought the company at 17 with the help of a former coach and $125K loan
Fortune • • business
Key Points:
- Peter Cancro transformed Mike’s Subs, a local sandwich shop in Point Pleasant, N.J., into Jersey Mike’s, a national franchise with 4,000 locations, leading to an upcoming IPO valuing the company at about $8 billion.
- Cancro started working at Mike’s Subs at age 14 and bought the business in 1975 with a $125,000 loan, balancing high school and running the shop while defying advice to pursue college.
- He pioneered the franchising of Jersey Mike’s despite having no mentors or roadmap, growing the chain through word-of-mouth and expanding into multiple states.
- The company faced significant challenges during the 1991 recession, including financial losses and layoffs, teaching Cancro to avoid overexpansion.
- In 2025, private equity firm Blackstone acquired a majority stake in Jersey Mike’s, and Cancro stepped down as CEO but remains chairman, with the company poised for continued growth.
