Last Updated on 06/29/2021 by GS Staff
Q: Is Jersey Mike’s publicly traded?
Jersey Mike’s is not publicly-traded. Since the company is private, you cannot purchase Jersey Mike’s stock. The company does not have a stock price or a stock symbol.
Who Owns Jersey Mike’s?
Peter Cancro is the owner and CEO of Jersey Mike’s. He started working at the original Jersey Mike’s in 1971 when he was 14 years old. At the time, it was called Mike’s Subs and operated out of a single location in Point Pleasant, New Jersey.
When Cancro was 17 in 1975, the owners of Mike’s Subs were considering selling the shop. He went to his football coach who was also a banker and discussed the possibility of getting a loan to purchase the business. Amazingly, his coach agreed to the loan and Cancro made the purchase for $125,000.
Keep in mind that $125,000 in 1975 is well over $600,000 in today’s dollars when you factor in inflation. However, the business was booming, especially during the busy summer season when people would travel long distances to get the delicious subs. The $125,000 loan soon proved to be a wise decision as Cancro continued to help the business thrive through the years.
The company began franchising in 1987 and several franchise locations were developed around the Jersey Shore area. While the franchise business was extremely promising at first, the recession of 1991 nearly caused the company to go bankrupt. However, the company emerged from this near disaster to today having 2,000+ locations with over $1 billion in sales.
Jersey Mike’s IPO?
We have no evidence that Jersey Mike’s will file an IPO to go public. You should expect Jersey Mike’s to remain private unless news is released stating otherwise. Jersey Mike’s stock will not be available unless the company decides to go public. If you want in on Jersey Mike’s, your only option is by opening your own franchise. Of course, this reqires a significant investment of your money and time.
Jersey Mike’s Competitors
Here are Jersey Mike’s primary sandwich restaurant chain competitors:
- Potbelly – The company went public in 2013 with 7.5 million shares issued at $14 per share. It trades under the stock symbol PBPB on the NASDAQ. It has over 400 company-owned locations and 40+ franchises. 2019 total revenue was about $410 million.
- Subway – The enormous sub sandwich franchise has over 41,000 locations globally. Approximately 57% of the locations are in the United States. 2019 revenue was over $10 billion. Subway is a private corporation.
- Firehouse Subs – This private business was founded by Chris and Robin Sorensen, brothers and former firefighters. The first location opened in 1994 in Jacksonville, Florida. The business has grown to over 1,100 restaurants, which can be found in the U.S., Canada, Mexico, and Puerto Rico. U.S. sales were approximately $832 million in 2019.
- Which Wich – Which Wich first launched in December 2003 in Dallas. It now has over 450 locations in 39 states and 11 countries. It is a private company with 2018 estimated U.S. sales of over $200 million.
- Jimmy John’s – Jimmy John’s was acquired by the private company Inspire Brands in 2019. Inspire owns other popular restaurant chains such as Sonic, Arby’s, and Buffalo Wild Wings. The company had 2,754 locations as of October 2020.
References:
Image credit – Willis Lam/flickr
D’Ambrosio, Daniel. “Peter Cancro Took Jersey Mike’s From One Store To Nearly 1,600, And He’s Not Done Yet.” Forbes, Forbes Magazine, 18 Apr. 2019, www.forbes.com/sites/danieldambrosio/2019/04/17/peter-cancro-took-jersey-mikes-from-one-store-to-nearly-1600-and-hes-not-done-yet/?sh=72f62179297d.
