Jersey Mike’s Subs

As founder and chief executive officer of Jersey Mike’s Subs, Cancro has transformed the Manasquan-based brand from a single sandwich shop in Point Pleasant into a sub powerhouse. In addition to being ranked as No. 2 on Entrepreneur magazine’s Franchise 500 in 2024, the chain is also a mainstay on Franchise 500’s top 10 list.

Over the past year, the franchise has hit several milestones – surpassing 3,000 locations systemwide and landing an agreement with a restaurant group to open 300 Jersey Mike’s shops across Canada over the next decade.

In November 2024, Cancro was also inducted into the New Jersey Hall of Fame for his business acumen, as well as his commitment to giving back to the community. 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.

Now, after more than seven decades of building the brand, Cancro plans to sell a majority stake of the business 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 Jersey Mike’s. 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. The transaction is expected to close in early 2025.