Since its start in 1956 as a small sandwich shop in Point Pleasant, Jersey Mike’s Subs has become one of the fastest-growing quick-serve restaurants in the U.S., with more than 3,000 locations.

The Manasquan-based chain hit several milestones over the past year-and-a-half.
In addition to having its founder and CEO Peter Cancro inducted into the New Jersey Hall of Fame, the brand launched three Jersey Mike’s outposts in Alaska, giving it a presence in all 50 states. The company also kicked off 2024 with plans to go international through an agreement with one of Canada’s largest restaurant operators. By 2034, Jersey Mike’s expects to have 300 shops open across that nation.

Then, in November, the franchise made headlines when it announced plans to sell a majority stake to private equity giant Blackstone.

As part of the deal – which is reportedly valued at $8 billion – Cancro will maintain “a significant equity stake” and continue to lead the business he spent nearly seven decades building. Blackstone said the influx of cash will help the franchise accelerate its expansion across and beyond the U.S. market, “as well as its continued investment in technology and digital transformation.

Cancro has been involved with Jersey Mike’s since he was 14, working at the original shop. In 1975, he acquired the store, when he was 17, using a loan from his high school football coach. Jersey Mike’s then began franchising 12 years later.

Giving back has also remained a guiding principle at Jersey Mike’s. Since 2011, the brand has raised over $145 million for local charities through various point-of-sale fundraisers at its shops. It also launched the Coach Rod Smith Ownership program, which helps provides store-level managers greater opportunities to become Jersey Mike’s franchise owners.