A major private equity firm recently acquired the fast food restaurant chain.
Jersey Mike’s Subs has appointed a new CEO following its $8 billion sale to Blackstone.
Blackstone is a major investment management firm headquartered in New York City.
Peter Cancro, the New Jersey-based sandwich chain’s founder, is retiring after 50 years in business.
Charlie Morrison, the former CEO of Wingstop, will take over on Monday with plans to expand the 3,000-location brand, particularly internationally.
“The amount of white space available to Jersey Mike’s to grow, not only in the U.S. but around the world, is enormous,” Morrison said in an interview.
Last year, Cancro sold the company to Blackstone for $8 billion, which included debt.
The transaction was one of the largest restaurant sales in a decade.
Cancro will remain chairman, collaborate with franchisees, and shape the business as a 10% owner.
Morrison most recently led Salad and Go, having previously overseen Wingstop’s growth and IPO during his 10-year tenure.
Wingstop’s US sales increased by 37% in 2024, according to Technomic.
Jersey Mike’s sales in the United States reached $3.7 billion in 2024, up 12% from the previous year, owing primarily to unit growth.
Cancro stated that the chain’s momentum could support an IPO, but no such plans are currently in place.
Jersey Mike’s has been adding approximately 300 stores per year.
Cancro believes it has the potential to expand to 7,500 locations in the US.
According to Morrison, value-conscious consumers are driving sandwich sales.
“Sandwiches in general are a staple for consumers’ diets,” he told me.
“They’re not going anywhere.”
Cancro began his career in 1975, when he purchased a Jersey Shore sub shop for $125,000 as a teen and transformed it into a national brand.
“I think it was just time,” said Cancro, 67, of his decision to sell, a transaction that netted him billions.
Blackstone, which also owns Tropical Smoothie Cafe and 7 Brew, has backed Jersey Mike’s leadership since the acquisition.
