Rank #870
Peter Cancro
Net worth $4.9B
Jersey Mike's Subs · United States
- Born
- May 01, 1957
- Age
- 69
- Source
- Jersey Mike's Subs
- Residence
- Miami, Florida
- Citizenship
- United States
- Marital status
- Married
- Children
- 4
- Education
Net worth over time
Biography
- Peter Cancro is the owner and chairman of popular sandwich chain Jersey Mike's.
- The Manasquan, New Jersey-based business recorded $3.3 billion in systemwide sales from more than 2,800 stores in 2023.
- It all started in 1972 when Cancro, then 14, got a job at Mike's Subs in his hometown of Point Pleasant, New Jersey.
- Three years later, the store came up for sale and Cancro borrowed $125,000 from his football coach to buy it.
- In 1981, Cancro changed the name to Jersey Mike's and began franchising across the U.S.
- Cancro agreed to sell a majority stake in Jersey Mike's to Blackstone at a reported $8 billion valuation, including debt, in November 2024.
- Only 1% of people who apply to own a Jersey Mike's franchise get one, according to the company, making it more competitive than getting into Harvard
- Cancro has no desk at Jersey Mike's HQ and instead spends about 80% of the year traveling to see franchisees.