Jersey Mike’s IPO filing details family pay and aircraft transfer
The sandwich chain’s SEC prospectus lists sizable compensation to relatives of founder Peter Cancro as it prepares to trade under JMKE.
By Sofia Marchetti · World Affairs Correspondent
3 min read
Jersey Mike’s has filed for an initial public offering, putting new detail around the sandwich chain’s finances, ownership ties and payments to relatives of founder Peter Cancro. The disclosures matter because the company is seeking public investors at a reported valuation of about $12 billion while expanding from a fast-growing U.S. franchise base.
In a Form S-1 prospectus filed with the Securities and Exchange Commission, Jersey Mike’s said Cancro’s stepson, Phillip Sivolobov, received $50.5 million in compensation from the company between 2023 and 2025. The filing said Cancro’s brother, John Cancro, received about $21 million over the same period, while Cancro’s brother-in-law, Daniel Powers, received more than $31 million from fiscal 2024 through 2025.
The prospectus described the relatives as employees who held various roles at the company. According to the filing, none of the three received payments from Jersey Mike’s during the 13 weeks ended March 29, the close of the company’s first quarter of fiscal 2026.
The filing also described an aircraft transaction tied to Blackstone’s 2024 acquisition of a majority stake in Jersey Mike’s. The prospectus said a plane valued at $41 million was transferred to an entity controlled by Cancro in connection with that deal.
Jersey Mike’s also paid Cancro $166,666.66 a month for business-related air travel costs, according to the filing. That came to about $2 million in 2025 for air transportation.
Cancro, who stepped down as chief executive in April 2025, remains involved with the company. The filing said he retained meaningful equity after Blackstone bought a majority stake in Jersey Mike’s for $8 billion, and he continues to sit on the company’s board.
The prospectus also shows Cancro controls, through an entity, master franchise rights for 300 Jersey Mike’s restaurants in the U.K. and Ireland. Fortune reported that the arrangement points to the company’s international growth plans.
Jersey Mike’s is now led by Charlie Morrison, the former chief executive of Wingstop. In a shareholder letter included with the filing, Cancro said Morrison and Blackstone would help the chain grow in the U.S. and overseas.
“Their experience with leading franchisors aligns with the values and long-term mindset that have shaped Jersey Mike’s and will help continue our expansion in the United States and abroad,” Cancro wrote in the letter.
The company has nearly 3,300 locations in North America, according to the filing, making it the second-largest sandwich chain in the country behind Subway. Jersey Mike’s reported that cumulative same-store sales rose 50% from 2020 through 2025.
For last year, Jersey Mike’s reported net income of $55 million on total revenue of $724 million. The prior year, it posted net income of $5 million on revenue of $653 million, according to the prospectus.
The company plans to list on the New York Stock Exchange under the ticker JMKE. Fortune reported that an IPO at about $12 billion would rank among the largest recent restaurant listings, while Inspire Brands, owner of Dunkin’ and Buffalo Wild Wings, is pursuing a public offering at a targeted $20 billion valuation.
This story draws on original reporting from Fortune.