Peter Cancro, founder of Jersey Mike's Subs, has agreed to sell a majority stake in his company to Blackstone for a reported $8 billion. Cancro purchased the struggling sandwich shop at 17 years old with a loan from his football coach and transformed it into a multi-billion dollar franchise.
At 17, he bought a sandwich shop for $125,000 — he renamed it Jersey Mike's and just sold it for $8 billion
When he thought about it more, though,"the light switch went off," he said. He called the restaurant owner the next day and the owner told Cancro he had a week to find $125,000, Cancro told" The company's growth hasn't come without challenges. In 1991, four years after the company began franchising, the company struggled to secure the cash to pay its bills due to a series of bank failures in the Northeast, Cancro told"The Jedburgh Podcast." He had to fire all of his corporate staff, including his brother.
Jersey Mike's Peter Cancro Blackstone Franchise Business Success
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