Blackstone-backed chain eyes public markets
Jersey Mike’s has confidentially submitted paperwork for an initial public offering, marking a major step toward becoming a publicly traded company.
The move comes more than a year after Blackstone acquired a majority stake in the sandwich chain in a transaction that reportedly valued the business at approximately $8 billion. The private equity firm’s investment signaled confidence in the brand’s expansion potential across the United States.
Following the acquisition, Jersey Mike’s appointed former Wingstop chief executive Charlie Morrison to lead the company. Morrison previously guided Wingstop through its own IPO and oversaw a prolonged stretch of rapid growth, positioning him as a seasoned executive for the chain’s next phase.
Strong footprint, mixed earnings picture
With more than 3,000 locations nationwide, Jersey Mike’s ranks as the second-largest hoagie sandwich chain in the U.S., behind Subway. The brand has steadily expanded through franchising, building a broad national presence.
According to franchise disclosure documents, Jersey Mike’s generated $309.8 million in revenue in 2025, representing a 10.6% increase compared with the prior year. However, profitability declined. The company posted $183.6 million in net income for 2025, down from $238.8 million the previous year.
The confidential filing allows the company to begin discussions with regulators and potential investors without immediately disclosing detailed financial information. It does not guarantee that the IPO will proceed, nor does it specify a timeline for listing.
From Jersey Shore shop to national brand
The company’s origins trace back to 1971, when founder Peter Cancro began working at a small sandwich shop on the Jersey Shore at age 14. Four years later, he secured financing to purchase the business, then known as Mike’s Subs. He later rebranded it as Jersey Mike’s and launched a franchising model that fueled decades of growth.
Cancro remained the sole owner until the sale to Blackstone in 2024, transitioning the company into private equity-backed ownership for the first time in its history.
IPO market shows signs of revival
Jersey Mike’s potential listing would represent the first restaurant IPO since Black Rock Coffee Bar went public in September. The broader IPO market has been subdued amid economic uncertainty, market volatility and uneven performance among recent listings.
However, expectations for several high-profile offerings later this year have fueled speculation that capital markets activity may rebound. Jersey Mike’s confidential filing positions it to move quickly should investor appetite strengthen.
