Sandwich chain Jersey Mike's publicly filed a registration statement with the US Securities and Exchange Commission on Thursday for an initial public offering to reduce its debt and fund further global expansion.
The company plans to trade its Class A common stock on the New York Stock Exchange under the ticker symbol JMKE, though the prospectus does not yet reveal the proposed share price range or total shares offered.
Financial Performance and Debt
According to the regulatory filing, the chain reported a cumulative same-store sales growth of 50% from 2020 through 2025, which includes a 3% increase in 2025 alone.
Last year, the business generated $55 million in net income on total revenue of $724 million, marking an increase from a net income of $5 million on revenue of $653 million in 2024.
The filing details that Jersey Mike's currently carries $2.1 billion in long-term debt after borrowing $760 million earlier this year through a whole business securitization to refinance earlier debt and fund a dividend to Blackstone.
Private equity firm Blackstone acquired a majority stake in the company in 2024, placing an $8 billion valuation on the sandwich chain.
Executive Compensation and Expansion
The prospectus also revealed that family members of founder Peter Cancro drew significant compensation between 2023 and 2025, including his stepson, Phillip Sivolobov, who received over $50.5 million.
Additionally, a private aircraft valued at approximately $41 million was transferred to an entity controlled by Cancro in connection with the Blackstone acquisition.
Jersey Mike's now operates nearly 3,300 locations across the US and Canada, making it the second-largest hoagie sandwich chain in the US behind Subway, and maintains a development pipeline exceeding 1,600 future restaurants.
Following the Blackstone transaction, the company appointed Charlie Morrison as its chief executive officer, while Cancro stepped down to lead the European expansion, which includes agreements for 300 restaurants across the UK and Ireland.
"With more than 3,300 stores across the United States and Canada, we have achieved significant national scale, yet we believe we are still in the early innings of our domestic growth opportunity," said Charlie Morrison, CEO of Jersey Mike's, in the filing.
Morrison added that the chain benefits from high brand awareness and a portable model across established and newer markets.
Founder Peter Cancro, who started working at the original sandwich shop in 1971, continues to hold a seat on the board and retains meaningful equity in the company.
"[Blackstone's] experience with leading franchisors aligns with the values and long-term mindset that have shaped Jersey Mike's and will help continue our expansion in the United States and abroad," wrote Peter Cancro, Founder of Jersey Mike's, in a letter to shareholders.
Cancro affirmed his ongoing commitment to the sandwich chain's future operations.
