Jersey Mike’s founder bought his first sub shop at 17 with a $125,000 loan
Peter Cancro turned a Point Pleasant sub shop into Jersey Mike’s after a coach helped him secure the loan that started it.
By Daniel Okafor · Business Editor
3 min read
Jersey Mike’s founder Peter Cancro was a high school student when he borrowed $125,000 to buy the New Jersey sandwich shop where he had worked since age 14. Five decades later, that shop has become a franchise chain with 4,000 locations open and under development, according to Jersey Mike’s.
The origin story is getting new attention as Jersey Mike’s moves toward a potential IPO that Fortune reported could value the company at about $8 billion and raise at least $1.1 billion in immediate proceeds. Cancro’s path began in Point Pleasant, N.J., where Mike Ingravallo opened Mike’s Subs in 1956.
Who is the founder of Jersey Mike’s?
Cancro is the longtime operator who bought Mike’s Subs in 1975 and later expanded it under the Jersey Mike’s name. He stepped down as chief executive last year and remains chairman, while former Wingstop CEO Charlie Morrison succeeded him, according to Fortune.
On the Our American Stories radio show and podcast, Cancro said he grew up in Point Pleasant and started earning money early, mowing lawns for $3 to $5 and collecting coins that fell through the boards at Point Pleasant Beach. His brother helped him get a job at Mike’s Subs in 1971, where Cancro said he earned $1.75 an hour.
Cancro had expected to attend the University of North Carolina at Chapel Hill and had considered studying law. His plans changed after his mother told him the shop’s owner intended to sell and suggested that he buy it, Cancro said on the podcast.
After first dismissing the idea, Cancro contacted the owner and began trying to find financing. He said he approached people in nearby towns and explained that he had worked at the business for four years and understood how it operated.
The breakthrough came through Rod Smith, Cancro’s former youth football coach, who also worked as a banker. Cancro said they met at Smith’s house on a Sunday night, and Smith helped him obtain the $125,000 loan he needed. Fortune reported that the amount would equal about $775,000 today.
Cancro officially bought the shop on March 31, 1975, while still attending high school. He said he often went to morning classes and skipped some afternoon classes to work at the business, and he nearly failed to graduate because of missed gym classes before using a medical excuse.
How did Jersey Mike’s grow from one shop?
Cancro ran the original location for more than a decade before franchising and changing the name from Mike’s Subs to Jersey Mike’s. He said on Our American Stories that he had to deal with lawyers and the franchising process without business mentors.
The chain began adding locations in states including Ohio and Tennessee, Cancro said. He credited customer interest and word of mouth for early franchise growth.
The expansion also brought setbacks. Cancro said the 1991 recession and tighter bank lending in the Northeast hurt Jersey Mike’s, leaving the business $1.5 million to $2 million in the red and forcing him to liquidate his 401(k). He later rehired employees he had laid off and said the experience taught him not to grow too quickly.
Blackstone acquired a majority stake in Jersey Mike’s in 2025 in a deal the firm said valued the chain at $8 billion. Forbes estimates Cancro’s net worth at $4.9 billion, and Fortune reported that his holdings include more than 30 million company shares, citing Jersey Mike’s S-1 filing with the Securities and Exchange Commission.
This story draws on original reporting from Fortune.