Because Blackstone holds a majority of the vote, Jersey Mike's is a "controlled company" under NYSE rules. Blackstone chooses most of the board, and its senior advisor Nigel Travis, the former Dunkin' CEO, has been chairman since February 2026.
Who owns Jersey Mike's today?
From the IPO prospectus, using the column that assumes the underwriters bought their extra shares, which matches the 317.6 million total shares the company reported on September 4, 2026:
| Owner | Shares (Class A plus Class B) | Voting power |
|---|---|---|
| Blackstone funds | 149,063,130 A plus 52,393,895 B | About 63.4% |
| Abu Dhabi Investment Authority | 35,145,517 A | About 11.1% |
| Peter Cancro, founder | 72,072 A plus 30,274,744 B | About 9.6% |
| Public shareholders and others | The rest | About 16% |
Source: Jersey Mike's IPO prospectus, July 2026; Jersey Mike's 10-Q, September 2026. The "public and others" line is my math.
Class B shares belong to the pre-IPO owners who still hold units in the operating company, and each one votes like a Class A share. On September 16, 2026, Blackstone pledged shares and units worth about 54.3% of the company to secure about $1.09 billion of margin loans from Morgan Stanley, Jersey Mike's disclosed.
What are those stakes worth?
At JMKE's closing price of $16.76 on October 23, 2026 (Yahoo Finance), 27% below the $23 IPO price, my math:
| Holder | Value at $16.76 a share |
|---|---|
| Whole company (317.6 million shares) | About $5.3 billion |
| Blackstone | About $3.4 billion |
| Peter Cancro | About $509 million |
The company's market value is now well below the roughly $8 billion reported for Blackstone's 2025 deal. That deal price was never confirmed by either side, and it included debt, so the two numbers are not directly comparable. Cancro also received cash when Blackstone bought in, and that amount was not disclosed.
Every Jersey Mike's owner and CEO
| Who | Years | Role | Price or deal |
|---|---|---|---|
| The original owners of Mike's Subs | 1956 to 1975 | Opened one of the first sub shops in the US, in Point Pleasant, New Jersey; brothers Victor and Frank Merlo were the owners in 1975 | - |
| Peter Cancro | 1975 to January 2025 as owner; CEO from November 2007 to April 2025 | Bought the shop at 17 with a loan from his football coach, a banker, and started franchising in 1987 | $125,000 |
| Blackstone (with ADIA and Cancro) | January 16, 2025 to today | Bought a majority; Cancro kept a large stake | About $8 billion, reported, including debt |
| Charlie Morrison | CEO since April 28, 2025 | Former Wingstop CEO who took that chain public in 2015 | - |
Sources: Jersey Mike's IPO prospectus; Entrepreneur; Fortune, July 26, 2026; NJBIZ, January 2025; Associated Press, November 2024.
Jersey Mike's ownership timeline
- 1956
Mike's Subs opens in Point Pleasant, New Jersey
- 1971
Peter Cancro, then 14, starts working at Mike's
- 1975
Cancro buys the shop on March 31 with a loan from his football coach
- 1987
Jersey Mike's starts franchising
- 2007
Cancro takes the CEO title in November
- 2024
Blackstone agrees in November to buy a majority
- 2025
The Blackstone deal closes on January 16; Charlie Morrison becomes CEO on April 28; the chain ends the year with 3,256 stores
- 2026
Jersey Mike's goes public on the NYSE on July 30, raising about $1 billion
How big is Jersey Mike's?
| Measure | Figure | Date |
|---|---|---|
| System-wide sales | $4.3 billion | Fiscal 2025 |
| Stores | 3,378 in all 50 states and Canada | June 28, 2026 |
| Average unit volume | About $1.4 million | Fiscal 2025 |
| Second-quarter system-wide sales | $1.21 billion, up 10% | Quarter ended June 28, 2026 |
| Second-quarter revenue | $208 million | Quarter ended June 28, 2026 |
Sources: Jersey Mike's IPO prospectus and 10-Q.
Almost all stores are franchised. Jersey Mike's earns royalties and fees, so its revenue is a small share of what customers spend.
Who founded Jersey Mike's?
The shop opened in 1956 as Mike's Subs, but the chain was built by Peter Cancro. He started working there at 14, bought it at 17 in 1975, and ran it for 50 years before selling control to Blackstone. He left the board chair in February 2026 and remains a director and the third-largest shareholder.
Related reading
Sources & methodology
Observations retain their source, period and definition. Uncertainty is preserved; missing values are not zero.
- Jersey Mike's Subs Inc. IPO prospectus (SEC EDGAR) ↗
SEC EDGAR · 2026-07-31T00:00:00.000Z
- Jersey Mike's Subs Inc. quarterly report for the period ended June 28, 2026 (SEC EDGAR) ↗
SEC EDGAR · 2026-09-09T00:00:00.000Z
- Jersey Mike's Subs Inc. Form 8-K, Blackstone margin loans (SEC EDGAR) ↗
SEC EDGAR · 2026-09-22T00:00:00.000Z
- Blackstone completes Jersey Mike's Subs acquisition (NJBIZ) ↗
NJBIZ · 2025-01-16T00:00:00.000Z
- Jersey Mike's sandwich chain is acquired by private equity firm Blackstone for $8 billion (Associated Press via Yahoo Finance) ↗
Associated Press via Yahoo Finance · 2024-11-19T00:00:00.000Z
- This Entrepreneur Borrowed $125,000 as a Teen, Then Used It to Build the Jersey Mike's Brand (Entrepreneur) ↗
Entrepreneur
Accessed 2026-10-25.
- Jersey Mike's founder Peter Cancro, a $125,000 loan and a football coach (Fortune) ↗
Fortune · 2026-07-26T00:00:00.000Z
- JMKE share price (Yahoo Finance) ↗
Yahoo Finance · 2026-10-23T00:00:00.000Z