Who Owns Jersey Mike's ?

Quiznos, Pret A Manger, Hoagies, or Firehouse Subs, if you look at it from a broader perspective, when it comes to midday munchies, people get pretty serious and enthusiastic about their sandwiches. Lunch break or snack time is more about energizing the mind and body for the rest of the day and catching a break from our monotonous or busy schedule.

So, in the US, at least for many people, where they go to have lunch is a critical decision. The choices are limitless, especially when discussing sub sandwiches, as mentioned earlier.

However, what is particularly interesting about sub sandwich options is that many naturally choose Jersey Mike’s subs above all else to get that carb and protein-filled goodness.

You would be surprised to know that it has been more than 70 years since Jersey Mike’s Subs was launched in the US and has interestingly been voted the best sandwich in America by thousands of customers.

With more than 2,700 outlets all over the US (and rapidly growing), thousands upon thousands of people flock to Jersy Mike’s subs to order a famous sub sandwich called “Mike’s Way.” But who owns Jersey Mike’s? Why is the fast-food chain so loved and popular? What is its ownership history? All excellent questions will be answered in this article. So stay tuned.

Image credit Raphael Nogueira — Image credit: Raphael Nogueira

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A Dive Into Jersey Mike’s Interesting History

The story of the beloved and famous sub sandwich shop in the US is a fascinating success story. The excellent sandwich company had remarkably humble beginnings, launched as a regular mom-and-pop business 68 years ago, in 1956. The shop was in a tourist destination in New Jersey and marketed as a business selling unique products.

Customers from all over town would hurry to the sandwich store to order several tantalizing sandwiches, load them with meat and cheese toppings, and enjoy them before venturing back to their homes across the US.

However, many would express suggestions to the owner directly, telling them just how good their food is and why they should consider opening franchises in other parts of the country. This was a “light bulb” moment for the companies in the 1980s when they aggressively expanded into other states and cities.

The company specializes in preparing both hot and cold sub sandwiches. It is renowned for its delicious bread, the different varieties of bread it offers, and the dozens of ingredients customers can choose from.

Regarding who owns Jersey Mike’s, it is essential to know that the company has soared in success and profitability since expanding.

This has led to them being ranked at the top of lists in reputed magazines. For example, the company landed on the number three spot out of 500 in the 2023 edition of the Entrepreneur.

Similarly, QSR named it the best and most aggressively growing sandwich company in the US, and the Franchise Times ranked it 16th, listing it as an intelligent brand with a strategically thought-out expansion vision.

Image credit Mae Mu — Image credit: Mae Mu

How Peter Cancro Became the CEO and Took Over the Business as a Teen

When understanding who owns Jersey Mike’s, you must first know about the company’s long-time CEO and owner, Peter Cancro. Cancro grew up in the 70s in Point Pleasant, New Jersey. He started working for the sub sandwich shop at 14 and was very passionate.

However, Cancro’s life would take a meteoric turn when, just after three years working for the sandwich shop, which was called Mike’s Sub at the time, he overheard the two owners (who were brothers) discussing that it was time they sold the business. Cancro excitedly rushed from the scene to talk to his mother about possibly buying the sandwich shop.

But Cancro lacked the funds. So he used to go door-to-door to raise capital, skipping school. Eventually, the ambitious young man approached his football coach, who also worked as a banker, and requested that he give Cancro a business loan.

Surprisingly, he did! Cancro got a loan and bought Mike’s Subs for $125,000 as an adult teen. Eventually, the famous sandwich shop’s new owner renamed the Jersey Mike’s Subs business and quickly started opening new franchises.

Peter is still the CEO and owner of the company today, and his company, Jersey Mike’s Franchise Systems Inc., owns all Jersey Mike’s Subs franchises.

An Aggressive Franchise Model and Recent Announcement of Going Global

Jersey Mike’s subs have pretty lofty profitability targets in the food industry, but there is a reason why this is so. For the past five years, Peter Cancro has focused on expanding his franchising model quickly and exponentially, opening more than 2700 stores and franchises across the US.

That’s not all. In 2024, the business aims to add 350 more restaurants before hitting its target of 450 store openings in 2026.

However, with the business being 68 years old and ever since Cancro took over and managed to make the brand a super hit in the US, all this time, there was never talk of expanding internationally like many other popular fast-food restaurant chains. This is especially true after much interest has been shown in the UK and Canadian markets.

However, in early 2024, Jersey Mike’s Subs officially announced that they were developing a partnership with Taco Bell and Burger King in a 300-store mega deal in collaboration with Redberry Restaurants. This was the first franchising move made by Jersey Mike outside the USA since its establishment.

Cancro will team up with Ken Otto and his experienced marketing and franchising team at Redberry. Redberry is a massive operation that owns and operates more than 170 restaurant units in Canada.

Now, with a 300-store deal added into the equation, which will be launched by 2034 through both Jersey Mike’s and Redberry’s operating units, the franchisor has come into an additional deal of opening 600 new restaurants together in Canada, launching the legendary Jersey Mike’s subs brand internationally.