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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.
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Cancro affirmed his ongoing commitment to the sandwich chain's future operations.
