{"id":13681,"date":"2026-07-22T15:41:58","date_gmt":"2026-07-22T10:41:58","guid":{"rendered":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=13681"},"modified":"2026-07-22T15:41:58","modified_gmt":"2026-07-22T10:41:58","slug":"4-takeaways-from-jersey-mikes-ipo-filing-from-a-41-million-jet-to-plans-to-quadruple-stores","status":"publish","type":"post","link":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/?p=13681","title":{"rendered":"4 takeaways from Jersey Mike&#8217;s IPO filing, from a $41 million jet to plans to quadruple stores"},"content":{"rendered":"<p><script>\r\n  atOptions = {\r\n    'key' : '644b717812d811d6a1c1fc5b6ccd6fa6',\r\n    'format' : 'iframe',\r\n    'height' : 90,\r\n    'width' : 728,\r\n    'params' : {}\r\n  };\r\n<\/script>\r\n<script src=\"https:\/\/www.highperformanceformat.com\/644b717812d811d6a1c1fc5b6ccd6fa6\/invoke.js\"><\/script>\r\n<br \/>\n<\/p>\n<div>\n<ul class=\"yf-1jsc1up\">\n<li class=\"yf-1jsc1up\">\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Sandwich chain Jersey Mike&#8217;s is gearing up for an initial public offering.<!-- HTML_TAG_END -->  <\/p>\n<\/li>\n<li class=\"yf-1jsc1up\">\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->It spent $41 million on a jet for its founder and has big expansion plans, according to its IPO prospectus.<!-- HTML_TAG_END -->  <\/p>\n<\/li>\n<li class=\"yf-1jsc1up\">\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Here are four interesting tidbits from the <a href=\"https:\/\/www.businessinsider.com\/most-loved-restaurant-chains-in-america-yelp-2025-12?utm_medium=referral&amp;utm_source=yahoocom&amp;utm_medium=syndication&amp;utm_source=yahoo\" data-ylk=\"slk:restaurant%20chain;elm:context_link;itc:0;sec:content-canvas;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;restaurant chain&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">restaurant chain<\/a>&#8216;s 220-page document.<!-- HTML_TAG_END -->  <\/p>\n<\/li>\n<\/ul>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->There&#8217;s a lot sandwiched in <a href=\"https:\/\/www.businessinsider.com\/jersey-mikes-ipo-stock-market-outlook-restaurant-sector-valuation-proceeds-2026-7?utm_medium=referral&amp;utm_source=yahoocom&amp;utm_medium=syndication&amp;utm_source=yahoo\" data-ylk=\"slk:Jersey%20Mike's%20IPO;elm:context_link;itc:0;sec:content-canvas;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;Jersey Mike's IPO&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">Jersey Mike&#8217;s IPO<\/a> filing.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->The restaurant chain is gearing up to go public in what&#8217;s on track to be the second-biggest restaurant IPO of all time. Unlike its peers, many of which went public earlier in their histories, Jersey Mike&#8217;s is an established brand with thousands of restaurants.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Founder Peter Cancro started Jersey Mike&#8217;s after buying a single sandwich shop in New Jersey in 1975. Since then, Cancro has grown Jersey Mike&#8217;s into a national chain. Last year, <a href=\"https:\/\/www.businessinsider.com\/jon-gray-blackstone-interns-success-steve-schwarzman2026-7?utm_medium=referral&amp;utm_source=yahoocom&amp;utm_medium=syndication&amp;utm_source=yahoo\" data-ylk=\"slk:private%20equity%20firm%20Blackstone;elm:context_link;itc:0;sec:content-canvas;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;private equity firm Blackstone&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">private equity firm Blackstone<\/a> acquired a majority stake in the company for $8 billion.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Its latest S-1 securities filing, a document that companies file with the Securities and Exchange Commission in preparation to go public, divulges new information about the company, its strategy, and the people who have led it.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Here are some of the most interesting aspects of the business that the prospectus includes:<!-- HTML_TAG_END -->  <\/p>\n<h2 class=\"text text-block heading text-left neo-font-heading-lg  yf-18d6y07\" role=\"heading\" id=\"d2fd02d3-e51f-46ee-afee-aa66be66a191\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Jersey Mike&#8217;s wants to more than quadruple its store base<!-- HTML_TAG_END -->  <\/h2>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->There are about 3,300 mostly franchisee-operated<strong> <\/strong>Jersey Mike&#8217;s restaurants in the US, and that number could grow considerably, the company wrote in the filing. Its densest concentration of stores is in some Southeastern states, such as North and South Carolina.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Jersey Mike&#8217;s estimated that it could open as many as 7,500 stores in the US.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->&#8220;While we operate in all 50 states today, we believe we remain under-penetrated in all markets, providing substantial runway for growth,&#8221; the document reads.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->That number could grow to 15,000 with international expansions. Jersey Mike&#8217;s plans to open 300 stores in Canada and another 300 in the UK and Ireland, per the prospectus.<!-- HTML_TAG_END -->  <\/p>\n<h2 class=\"text text-block heading text-left neo-font-heading-lg  yf-18d6y07\" role=\"heading\" id=\"1e8f6f63-9529-4b66-9c36-231e7fab20cf\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Jersey Mike&#8217;s describes its menu as &#8216;protein-forward&#8217;<!-- HTML_TAG_END -->  <\/h2>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->The sandwich chain is catering to two big diet-related trends: Protein consumption and weight-loss drugs like GLP-1s.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Jersey Mike&#8217;s menu &#8220;is well-suited to meet a wide range of dietary preferences, including protein-focused and GLP-1 users,&#8221; the prospectus said.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->The chain points to its Italian sub, which it said contains about 47 grams of protein, as an example. Ten other subs contain at least 35 grams of protein, Jersey Mike&#8217;s said.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->&#8220;Our subs are inherently protein-forward,&#8221; the document read.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Two-thirds of the subs it sells are cold, and the largest share of its sales (47%) happens at lunchtime.<!-- HTML_TAG_END -->  <\/p>\n<\/p><\/div>\n<div style=\"display: none\" data-testid=\"read-more\">\n<h2 class=\"text text-block heading text-left neo-font-heading-lg  yf-18d6y07\" role=\"heading\" id=\"d54c942f-7498-4e4c-b5a7-c574d1ab38d5\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Cancro&#8217;s family members have made tens of millions from the business<!-- HTML_TAG_END -->  <\/h2>\n<figure data-testid=\"article-figure-image\" class=\"yf-750ceo\">\n<div class=\"image-container yf-lf2kr7 loader\" style=\"--max-height: 640px;\">\n<div class=\"image-wrapper yf-lf2kr7\" style=\"--aspect-ratio: 960 \/ 640; --img-max-width: 960px;\"><a href=\"https:\/\/s.yimg.com\/lo\/mysterio\/api\/03CFD0781C3C3F19F5CB62B94BAD0A853D55A92A614A086A3C1E167047BF6433\/subgraphmysterio\/resizefit_w960;quality_80;format_webp\/https:%2F%2Fmedia.zenfs.com%2Fen%2Fbusiness_insider_consolidated_articles_886%2F51dc0889dee88581d302399c4103c9f3\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" alt=\"Jersey Mike's founder Peter Cancro stands in a kitchen while wearing a dark blue quarter-zip and a light blue dress shirt underneath.\" height=\"640\" width=\"960\" class=\"yf-lf2kr7 loader\"\/><\/a><\/div>\n<\/div><figcaption class=\"yf-750ceo\"><!-- HTML_TAG_START -->Peter Cancro started Jersey Mike&#8217;s after buying a single sandwich shop in the 1970s.Lisa Aileen Dragani\/Getty Images for Best Buddies International<!-- HTML_TAG_END -->  <\/figcaption><\/figure>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Before the Blackstone deal,\u00a0several of Cancro&#8217;s family members worked at Jersey Mike&#8217;s, according to the filing. Collectively, those family members made millions of dollars from the investment.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->Between 2023 and 2025, for instance, the company paid John Cancro, the founder&#8217;s brother, about $21 million. Daniel Powers, his brother-in-law, made about $32 million over the same period. And Phillip Sivolobov, his stepson and a director at Jersey Mike&#8217;s until early 2025, made almost $51 million, per the document.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->None of the family members received compensation from Jersey Mike&#8217;s during the first quarter of 2026, according to the prospectus.<!-- HTML_TAG_END -->  <\/p>\n<h2 class=\"text text-block heading text-left neo-font-heading-lg  yf-18d6y07\" role=\"heading\" id=\"ae6835fd-0153-465f-b01a-f7fd29c4c539\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->The company bought founder Peter Cancro a private jet<!-- HTML_TAG_END -->  <\/h2>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->In 2024, Jersey Mike&#8217;s spent $41 million on a plane for Cancro, a footnote in the prospectus&#8217;s financial information reads. Cancro is a member of the company&#8217;s board and served as CEO until April 2025.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->The jet was transferred to a business entity controlled by Cancro, according to the document. The chain also paid Cancro about $2 million last year to cover costs &#8220;related to air transportation to travel from time to time for business purposes.&#8221;<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->The jet purchase and payments came shortly before Blackstone acquired its majority stake in January 2025.<!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START --><em>Have a tip? Contact this reporter at <\/em><a href=\"https:\/\/finance.yahoo.com\/markets\/stocks\/articles\/mailto:abitter@businessinsider.com\" data-ylk=\"slk:abitter%40businessinsider.com;elm:context_link;itc:0;sec:content-canvas;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;abitter@businessinsider.com&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\" rel=\"noopener noreferrer nofollow\"><em>abitter@businessinsider.com<\/em><\/a><em> or via encrypted messaging app Signal at 808-854-4501. Use a personal email address, a nonwork WiFi network, and a nonwork device; <\/em>here&#8217;s our <a href=\"https:\/\/www.businessinsider.com\/insider-guide-to-securely-sharing-whistleblower-information-about-powerful-institutions-2021-10?utm_medium=referral&amp;utm_source=yahoocom&amp;utm_medium=syndication&amp;utm_source=yahoo\" data-ylk=\"slk:guide%20to%20sharing%20information%20securely;elm:context_link;itc:0;sec:content-canvas;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;guide to sharing information securely&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_self\" rel=\"noopener noreferrer nofollow\"><em>guide to sharing information securely<\/em><\/a><em>.<\/em><!-- HTML_TAG_END -->  <\/p>\n<p class=\"text text-block paragraph text-left neo-font-paragraph-xl-reg  yf-18d6y07\" style=\"text-decoration: none; font-style: normal; text-transform: none; text-align: inherit; font-variant-numeric: normal;\"><!-- HTML_TAG_START -->If you enjoyed this story, be sure to follow <a href=\"https:\/\/profiles.yahoo.com\/brands\/business-insider\/\" data-ylk=\"slk:Business%20Insider;elm:context_link;itc:0;sec:content-canvas;source:content-canvas%20default\" data-yga=\"{&quot;yLinkText&quot;:&quot;Business Insider&quot;,&quot;yLinkElement&quot;:&quot;context_link&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yTrafficOrigin&quot;:&quot;content-canvas default&quot;}\" target=\"_blank\">Business Insider<\/a> on Yahoo.<!-- HTML_TAG_END -->  <\/p>\n<\/p><\/div>\n<script async=\"async\" data-cfasync=\"false\" src=\"https:\/\/pl30214220.effectivecpmnetwork.com\/9ab3d4df8a7e1a6171e16ddbf732cc19\/invoke.js\"><\/script>\r\n<div id=\"container-9ab3d4df8a7e1a6171e16ddbf732cc19\"><\/div>\r\n\n","protected":false},"excerpt":{"rendered":"<p>Sandwich chain Jersey Mike&#8217;s is gearing up for an initial public offering. It spent $41 million on a jet for its founder and has big expansion plans, according to its IPO prospectus. Here are four interesting tidbits from the restaurant chain&#8216;s 220-page document. There&#8217;s a lot sandwiched in Jersey Mike&#8217;s IPO filing. The restaurant chain&#8230;<\/p>\n","protected":false},"author":1,"featured_media":13682,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s.yimg.com\/lo\/mysterio\/api\/4A2AE2C7A002F6E42F9BCAB3A6B9E5031E1682A01B618CB42327E2BEEAAF6C2C\/subgraphmysterio\/resizefill_w1200_h900;quality_80;format_webp\/https:%2F%2Fmedia.zenfs.com%2Fen%2Fbusiness_insider_consolidated_articles_886%2F18c59504e38c434b9b7167079fd167f0","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-13681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-trending-viral-news"],"brizy_media":[],"_links":{"self":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/13681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13681"}],"version-history":[{"count":0,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/posts\/13681\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=\/wp\/v2\/media\/13682"}],"wp:attachment":[{"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/usnews-14267fa.ingress-comporellon.ewp.live\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}