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Blackstone Acquires Jersey Mike’s for $8 B, Founder Steps Down

7/26/2026

23 4 Full Breakdown

Summary

Story summary

Blackstone bought a majority stake in Jersey Mike’s in 2025, valuing the chain at $8 billion.
Peter Cancro (founder) stepped down as CEO last year, remains chairman, and was succeeded by former Wingstop CEO Charlie Morrison.
Cancro bought the original Mike’s Subs shop on March 31 1975 with a $125,000 loan from coach Rod Smith.
Forbes lists Cancro’s net worth at $4.9 billion and notes he still holds over 30 million shares per the S-1.

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Story summary

Blackstone bought a majority stake in Jersey Mike’s in 2025, valuing the chain at $8 billion.
Peter Cancro (founder) stepped down as CEO last year, remains chairman, and was succeeded by former Wingstop CEO Charlie Morrison.
Cancro bought the original Mike’s Subs shop on March 31 1975 with a $125,000 loan from coach Rod Smith.
Forbes lists Cancro’s net worth at $4.9 billion and notes he still holds over 30 million shares per the S-1.