In 1975, a 17-year-old named Peter Cancro purchased his first sub store in Level Nice, New Jersey. On Wednesday, that store’s guardian firm went public at a $7.3 billion valuation. Jersey Mike’s and its backers raised $1 billion in an IPO priced at $23 a share, greater than 10 instances oversubscribed, Bloomberg stories.
The chain now has greater than 3,300 US and Canadian areas, plus an growth take care of Cancro to open roughly 300 extra throughout the UK and Eire. Income grew 11% to $724 million final 12 months, and Jersey Mike’s US gross sales development has outpaced rivals like Jimmy John’s, whereas Subway has truly declined, as diners lean towards sandwiches over pricier bowl ideas.
Blackstone, which purchased Jersey Mike’s final 12 months for about $8 billion together with debt, will retain 68% of voting energy after the IPO. Cancro stepped again from CEO to chairman in April, handing the function to Charlie Morrison, who beforehand ran Wingstop and Salad and Go. Shares started buying and selling Thursday on the NYSE beneath the ticker JMKE.
In 1975, a 17-year-old named Peter Cancro purchased his first sub store in Level Nice, New Jersey. On Wednesday, that store’s guardian firm went public at a $7.3 billion valuation. Jersey Mike’s and its backers raised $1 billion in an IPO priced at $23 a share, greater than 10 instances oversubscribed, Bloomberg stories.
The chain now has greater than 3,300 US and Canadian areas, plus an growth take care of Cancro to open roughly 300 extra throughout the UK and Eire. Income grew 11% to $724 million final 12 months, and Jersey Mike’s US gross sales development has outpaced rivals like Jimmy John’s, whereas Subway has truly declined, as diners lean towards sandwiches over pricier bowl ideas.
Blackstone, which purchased Jersey Mike’s final 12 months for about $8 billion together with debt, will retain 68% of voting energy after the IPO. Cancro stepped again from CEO to chairman in April, handing the function to Charlie Morrison, who beforehand ran Wingstop and Salad and Go. Shares started buying and selling Thursday on the NYSE beneath the ticker JMKE.