Peter Cancro Biography
Peter Cancro is the founder and CEO of Jersey Mike’s Subs, a prominent American sandwich chain. His journey with the company began in 1971 when, at the age of 14, he started working at Mike’s Subs in Point Pleasant, New Jersey. In 1975, at just 17 years old, Cancro purchased the shop with the help of a $125,000 loan from his football coach, who was also a banker.
Under Cancro’s leadership, Jersey Mike’s has experienced significant growth. The company began franchising in 1987 and, as of 2023, operates over 2,800 locations across the United States. In 2023, the chain reported $3.3 billion in systemwide sales.
In November 2024, Cancro sold a majority stake in Jersey Mike’s to private equity firm Blackstone in a deal valuing the company at approximately $8 billion. Despite the sale, Cancro retained a significant equity stake and continues to lead the business as CEO.
Beyond his business endeavors, Cancro is known for his philanthropic efforts. Jersey Mike’s has a strong culture of giving back to the community, exemplified by its annual “Day of Giving,” during which all participating stores donate 100% of the day’s sales to local charities.
Peter Cancro Age
Peter Cancro is 67 years old as of 2024.
Peter Cancro Early Life, Family and Education
Peter Cancro was born on May 15, 1957, in New Jersey. He grew up in Point Pleasant Beach, a coastal town known for its vibrant community and boardwalk attractions. At the age of 14, while attending Point Pleasant Beach High School, Cancro began working at Mike’s Subs, a local sandwich shop in the neighboring borough of Point Pleasant.
In 1975, when Cancro was 17 and still a high school senior, he learned that Mike’s Subs was up for sale. Encouraged by his mother, he decided to purchase the business. With the assistance of his high school football coach, who was also a banker, Cancro secured a $125,000 loan to buy the shop. This bold move marked the beginning of his entrepreneurial journey, laying the foundation for what would eventually become Jersey Mike’s Subs.
Peter Cancro Career
Peter Cancro’s professional journey is a testament to entrepreneurial vision and perseverance. From acquiring a local sub shop as a teenager to building a national franchise, his career reflects strategic growth and a commitment to quality.
Acquisition of Mike’s Subs and Early Expansion
In 1975, at the age of 17, Cancro purchased Mike’s Subs in Point Pleasant, New Jersey, where he had been working since he was 14. With a $125,000 loan secured from his football coach, who was also a banker, Cancro took ownership of the shop. Under his leadership, the business thrived, leading to the opening of additional locations in the local area. These early expansions laid the groundwork for future growth and demonstrated Cancro’s ability to scale operations effectively.
Transition to Jersey Mike’s and Franchising Initiatives
Recognizing the potential for broader expansion, Cancro rebranded the business as Jersey Mike’s Subs in 1987 and began franchising the concept. This strategic move allowed the brand to grow beyond its New Jersey roots, attracting franchisees nationwide. By 2014, Jersey Mike’s had expanded to 750 locations, with an additional 650 in development, marking a significant milestone in the company’s growth trajectory.
National Growth and Market Positioning
The franchising strategy proved successful, and by 2015, Jersey Mike’s had surpassed 1,000 locations. The company’s emphasis on fresh ingredients and customer service resonated with consumers, contributing to its rapid expansion. In 2023, Jersey Mike’s reported $3.3 billion in systemwide sales from more than 2,800 stores, solidifying its position as a major player in the fast-casual dining sector.
Philanthropy and Community Engagement
Beyond business growth, Cancro has been deeply committed to philanthropy. Under his leadership, Jersey Mike’s established the annual “Month of Giving” campaign, culminating in the “Day of Giving,” where 100% of sales are donated to local charities. Since its inception in 2011, this initiative has raised over $88 million for various causes, reflecting Cancro’s dedication to community support.
Recent Developments and Strategic Partnerships
In November 2024, Cancro sold a majority stake in Jersey Mike’s to private equity firm Blackstone in a deal valuing the company at approximately $8 billion. Despite the sale, Cancro retained a significant equity stake and continues to lead the business as CEO.
Recognition and Industry Impact
Throughout his career, Cancro has received numerous accolades for his leadership and contributions to the industry. In 2024, he was inducted into the New Jersey Hall of Fame, honoring his business achievements and philanthropic efforts. His journey from a teenage entrepreneur to the head of a multi-billion-dollar franchise serves as an inspiring example of dedication and vision in the business world.
Peter Cancro Net Worth
As of 2024, Peter Cancro’s net worth is estimated to be approximately $5.6 billion. This significant wealth primarily stems from his ownership of Jersey Mike’s Subs, a sandwich chain he founded and expanded to nearly 3,000 locations across the United States. In November 2024, Cancro sold a majority stake in the company to Blackstone in a deal valuing Jersey Mike’s at about $8 billion.
Peter Cancro Wife and Children
Peter Cancro has been married twice and has two children.
First Marriage:
- Wife: Linda Cancro
- Children:
- Son: Robert Cancro
- Daughter: Caroline Jones
Peter and Linda married shortly after he purchased Mike’s Subs in 1975. Together, they worked on expanding the business by opening additional outlets. The couple eventually divorced, though specific details about their separation are not widely publicized.
Peter and Linda married shortly after he purchased Mike’s Subs in 1975. Together, they worked on expanding the business by opening additional outlets. The couple eventually divorced, though specific details about their separation are not widely publicized.
Second Marriage:
- Wife: Tatiana Voevodina Cancro
- Marriage Date: February 2014
In February 2014, Peter married Tatiana Voevodina. There is limited public information about Tatiana, and it is not widely reported whether they have any children together.
Peter Cancro Political Affiliation
Peter Cancro has not publicly disclosed his political affiliation. He is widely recognized for his philanthropic efforts and commitment to community support. Under his leadership, Jersey Mike’s has maintained a focus on quality food and community engagement, deliberately avoiding political involvement.
FAQs
Who is Peter Cancro?
Peter Cancro is the founder and CEO of Jersey Mike’s Subs, a prominent American sandwich chain. He began his journey with the company at 14 and purchased the original Mike’s Subs at 17.
How did Peter Cancro acquire Jersey Mike’s?
In 1975, at the age of 17, Cancro bought Mike’s Subs with a $125,000 loan facilitated by his high school football coach, who was also a banker.
What is Peter Cancro’s role in Jersey Mike’s after the Blackstone deal?
After selling a majority stake to Blackstone in November 2024, Cancro retained a 10% equity stake and continues to serve as the CEO of Jersey Mike’s.
What philanthropic initiatives is Peter Cancro known for?
Cancro emphasizes community involvement through initiatives like Jersey Mike’s annual “Month of Giving,” which has raised over $88 million for local charities since 2011.
How many Jersey Mike’s locations are there?
As of 2024, Jersey Mike’s operates over 2,800 locations across the United States.
What is Peter Cancro’s educational background?
Peter Cancro graduated from Point Pleasant Beach High School in 1975. He chose to focus on his business endeavors and did not pursue higher education.
