Jersey Mike's Franchise Systems, Inc.

Who owns Jersey Mike's?
Jersey Mike's is primarily owned by Blackstone, the private equity firm, which acquired a majority stake in 2023 in a deal valuing the company at approximately $8 billion. Peter Cancro, who has owned and operated Jersey Mike's since 1975, retained a significant stake and continues as CEO.

Who founded Jersey Mike's?
The original Jersey Mike's location was opened in 1956 in Point Pleasant Beach, New Jersey as "Mike's Subs" by Mike and Marion Manzo. Peter Cancro purchased the shop in 1975 at age 17 with a loan from his football coach and renamed it Jersey Mike's. Cancro has grown the chain from a single location to more than 2,800 locations.

How many Jersey Mike's locations are there?
Jersey Mike's operates more than 2,800 locations across the United States as of 2025. The chain has been one of the fastest-growing restaurant chains in the US, adding hundreds of locations annually in recent years.

What makes Jersey Mike's different from Subway?
Jersey Mike's differentiates from Subway primarily through its fresh-sliced meats and cheeses, which are sliced to order at each location rather than pre-packaged. Jersey Mike's also uses freshly baked bread and emphasizes quality ingredients. The chain's "Mike's Way" preparation style (shredded lettuce, onions, tomatoes, oil, vinegar, and spices) is a signature offering.

Is Jersey Mike's publicly traded?
No, Jersey Mike's Franchise Systems, Inc. is privately held. The company is majority-owned by Blackstone following its 2023 acquisition, with Peter Cancro retaining a significant stake. Jersey Mike's is not listed on any stock exchange.

Where is Jersey Mike's headquartered?
Jersey Mike's Franchise Systems, Inc. is headquartered in Manasquan, New Jersey, USA, near the original Point Pleasant Beach location where the chain was founded in 1956.

The original Jersey Mike's location was opened in 1956 in Point Pleasant Beach, New Jersey as "Mike's Subs" by Mike and Marion Manzo. The shop became a local institution, known for its fresh submarine sandwiches made with quality ingredients.

Peter Cancro, a local teenager who worked at the shop, purchased Mike's Subs in 1975 at age 17 with a $125,000 loan from his high school football coach, Rich Hope. Cancro renamed the chain Jersey Mike's and began expanding through franchising in the 1980s.

Jersey Mike's grew steadily through the 1980s and 1990s, establishing a franchise network primarily in the eastern United States. The chain maintained its focus on fresh ingredients and quality preparation as key differentiators from larger competitors like Subway.

Jersey Mike's accelerated its national expansion in the 2000s and 2010s, opening locations across the United States and becoming one of the country's fastest-growing restaurant chains. The company's growth was driven by strong franchisee economics, high customer satisfaction scores, and effective marketing.

In 2023, Blackstone, the private equity firm, acquired a majority stake in Jersey Mike's in a deal that valued the company at approximately $8 billion. Peter Cancro retained a significant stake and continued as CEO. The Blackstone investment was intended to fund continued expansion, including potential international growth.

For fiscal year 2024, Jersey Mike's reported system-wide sales of approximately $3 billion, reflecting continued strong growth. The chain has consistently ranked among the top performers in the submarine sandwich category in customer satisfaction surveys.

The 2023 Blackstone acquisition generated some discussion about whether private equity ownership would affect Jersey Mike's culture and quality. Peter Cancro's continued leadership and significant stake in the company has been cited as a factor that should preserve the company's culture and values.

Jersey Mike's has also faced scrutiny regarding franchisee relations, including concerns about the terms of franchise agreements and the cost of supplies from the company's supply chain operations.