Net Worth Ranker
What Is Peter Cancro’s Net Worth?
Peter Cancro, the co-founder and CEO of Jersey Mike’s Subs, boasts a substantial net worth of approximately $7 billion as of today. This impressive figure is primarily attributed to his ownership stake in Jersey Mike’s Subs, a prominent submarine sandwich chain with a widespread presence across the United States. The company’s success and strategic investments have significantly contributed to Cancro’s financial standing. A late 2024 investment by a private equity firm valued Jersey Mike’s at $8 billion, underscoring the company’s robust market position and growth potential. This valuation came on the heels of another private equity firm’s acquisition of Subway for $9.6 billion, highlighting the competitive landscape in the sub-sandwich industry.
Jersey Mike’s Subs: A Billion-Dollar Enterprise
Jersey Mike’s Subs has experienced remarkable growth under Peter Cancro’s leadership. The chain boasts over 3,000 locations throughout the United States. This extensive network generates an annual gross revenue of approximately $3.3 billion, solidifying Jersey Mike’s position as the second-largest sub-style sandwich company in the country, behind Subway. The company’s financial success is a testament to Cancro’s strategic vision and effective management. His journey began when he acquired Mike’s Submarines for $125,000. This was a pivotal moment that laid the foundation for what would become Jersey Mike’s Subs. Over the years, Cancro’s strategic decisions, including franchising the business in 1987 and renaming it Jersey Mike’s, have been instrumental in driving the company’s expansion and profitability. The “Coach Rod Smith Ownership Program” further exemplifies Cancro’s commitment to fostering entrepreneurship and giving back to the community.
Peter Cancro’s Early Life and Career
Born on May 15, 1957, in New Jersey, Peter Cancro’s entrepreneurial journey began at the age of 14 when he started working at Mike’s Submarines in Point Pleasant. His early exposure to the submarine sandwich business provided him with invaluable insights and a solid foundation for his future endeavors. In 1975, during his senior year of high school at Point Pleasant High School where he graduated, Cancro learned that the owners of Mike’s Submarines were looking to sell the shop for $125,000. With the encouragement of his mother, he embarked on a mission to secure funding for the purchase. After facing initial setbacks, he sought assistance from his football coach, Rod Smith, who worked in finance. Smith provided Cancro with an interest-bearing loan, enabling him to acquire the shop and become a business owner at the age of 17. The deal officially closed on March 31, 1975, marking the beginning of Cancro’s journey as the CEO of what would become Jersey Mike’s Subs. Today the Coach Rod Smith Ownership Program helps fund young entrepreneurs to help start their own Jersey Mike’s franchise.
Expansion and Franchising of Jersey Mike’s
Following his acquisition of Mike’s Submarines, Peter Cancro focused on expanding the business. He opened a few new locations, but expansion was initially slow and challenging. In 1987, he made the strategic decision to franchise the business, recognizing it as a viable path for accelerated growth. Coinciding with the franchising initiative, Cancro renamed the chain Jersey Mike’s, a nod to its New Jersey roots. This marked a turning point for the company, as it experienced significant growth in the following years. By 1991, there were 30 Jersey Mike’s locations, and by 2014, the number had grown to 750. The company continued its rapid expansion, surpassing 1,000 locations by 2015. Today, with approximately 3,000 locations, Jersey Mike’s generates around $3.3 billion in annual gross revenue. The success of Jersey Mike’s franchising model can be attributed to its focus on quality ingredients, exceptional customer service, and a strong brand identity. The franchise also has some locations in Canada and Mexico. Each Jersey Mike’s shop serves submarine sandwiches made to order, with meats and cheeses sliced as needed. Customers may order their meal “Mike’s Way,” which involves such condiments as sliced onions, tomatoes, salt, shredded lettuce, and a juice combining red wine vinegar and olive oil.
Peter Cancro’s Philanthropic Efforts
Beyond his business ventures, Peter Cancro is actively involved in philanthropic endeavors through Jersey Mike’s. The company hosts an annual “Day of Giving” on the final Wednesday of March, during which it donates 100% of its sales to local charities. This event has become a significant fundraising initiative, with approximately $5 to $7 million being donated each year. In 2022, Jersey Mike’s raised over $6 million on the day for more than 170 charities nationwide. Cancro’s commitment to giving back to the community is deeply ingrained in Jersey Mike’s corporate culture, with “Make a Difference” being the company’s mission statement. This dedication to philanthropy extends beyond the “Day of Giving,” as Jersey Mike’s actively supports various charitable causes throughout the year. For instance, in 2010, the company donated $2 million to 83 children’s hospitals. Cancro’s philanthropic efforts reflect his personal values and his belief in the importance of using business success to make a positive impact on society.
Peter Cancro’s Personal Life and Real Estate
Peter Cancro’s personal life includes two marriages. He was initially married to Linda, with whom he has two children, Robert and Caroline. Peter and Linda eventually divorced. In early 2014, Cancro married Tatiana Cancro. In August 2014, Peter Cancro made a significant real estate investment, purchasing a 3,838-square-foot, four-bedroom condominium on East 68th Street in New York City for $15.681 million. The apartment, located in a building called the “Marquand” at the corner of 68th Street and Madison Avenue, comes with substantial monthly HOA fees exceeding $14,000. This real estate acquisition reflects Cancro’s success and his ability to invest in high-value assets. The “Marquand” is known for its luxurious amenities and prime location, making it a sought-after address in New York City.
