Topline
Jersey Mike’s IPO prospectus was filed Thursday, revealing the sandwich chain’s intent to trade its stock alongside a detailed accounting of how founder Peter Cancro and his family collected tens of millions of dollars in compensation, a private jet, and some rights to the chain’s international expansion.
A Jersey Mike’s logo is displayed outside one of their stores on March 23, 2025 in San Diego, California.
(Photo by Kevin Carter/Getty Images)
Key Disclosure
According to the filing, Peter Cancro’s stepson, Phillip Sivolobov, received over $50.5 million in total compensation from Jersey Mike’s between 2023 and 2025, with the prospectus noting that family members “were employed by the Company in various roles.“
Cancro’s brother-in-law, Daniel Powers, collected more than $31 million in the 2024 and 2025 fiscal years, while brother John Cancro received approximately $21 million from 2023 to 2025.
None of the family members listed in the filing received compensation from the company during the 13-week period ending March 29, 2026, as disclosed in the prospectus.
In connection with Blackstone’s acquisition of a majority stake, the filing reveals an aircraft was transferred to an entity controlled by Cancro for approximately $41 million. Cancro was also paid roughly $2 million in 2025 to cover his air travel expenses.
The filing also provides additional details about Jersey Mike’s international expansion, showing Cancro personally controls master franchise rights for up to 300 Jersey Mike’s locations across the UK and Ireland through an entity he owns.
Cancro resigned from his role as CEO of Jersey Mike’s last year.
Key Background
Founded in 1956, Jersey Mike’s has grown to over 3,000 domestic locations and $4.3 billion in annual sales, according to the prospectus. Before the Blackstone transaction, which involved the private equity firm acquiring a majority stake in 2024, Jersey Mike’s operated as a privately held business under Cancro’s control. The prospectus clarifies that this structure extended to family employment arrangements, with Cancro’s wife, two sons, daughter, sister-in-law, brother, two brothers-in-law, and stepson all receiving compensation from the company at various points between 2023 and 2025. The company plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol “JMKE”.
Valuation Context
The $8 billion valuation assigned to Jersey Mike’s during Blackstone’s 2024 majority-stake acquisition provides the basis for its upcoming public offering.
