{"id":3125,"date":"2026-07-10T09:09:24","date_gmt":"2026-07-10T09:09:24","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=3125"},"modified":"2026-07-10T09:09:24","modified_gmt":"2026-07-10T09:09:24","slug":"jersey-mikes-12-billion-ipo-filing-reveals-a-50-million-payday-for-the-founders-stepson-and-a-41-million-jet","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=3125","title":{"rendered":"Jersey Mike\u2019s $12 billion IPO filing reveals a $50 million payday for the founder\u2019s stepson and a $41 million jet"},"content":{"rendered":"
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The sandwich chain\u2019s Form S-1 prospectus filed last week shows Cancro\u2019s stepson Phillip Sivolobov received $50.5 million in compensation from the restaurant between 2023 and 2025. Cancro\u2019s brother John Cancro received about $21 million in compensation over the same period and brother-in-law Daniel Powers amassed more than $31 million from fiscal 2024 to 2025. According to the filings, the family members were \u201cemployed by the Company in various roles.\u201d They did not receive any payment from the company in the 13 weeks leading up to March 29, the end of the first quarter of fiscal 2026.<\/p>\n

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The filings also show that, connected to Blackstone, a New York-based alternative asset management firm, acquiring a majority stake in the company in 2024, a $41 million aircraft was transferred to an entity controlled by Cancro. The company paid Cancro $166,666.66 per month in light of air travel-related business expenses, which amounted to about $2 million in 2025 to cover air transportation.<\/p>\n

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Cancro also personally controls through an entity the master franchise rights for 300 Jersey Mike\u2019s locations in the U.K. and Ireland, a hint at the company\u2019s plans to expand internationally.<\/p>\n

Cancro stepped down as CEO in April 2025. Jersey Mike\u2019s is now helmed by Charlie Morrison, who previously served as CEO of Wingstop.<\/p>\n

Jersey Mike\u2019s is among the fastest-growing restaurant chains in the U.S. with nearly 3,300 North America locations, making it the second-largest sandwich chain in the country behind Subway. Its IPO filing reported a 50% increase in cumulative same-store sales from 2020 through 2025, as well as a net income of $55 million on $724 million in total revenue last year. That\u2019s compared to a net income of $5 million on $653 million in revenue the year before.<\/p>\n

The sandwich chain is valued at approximately $12 billion, meaning its IPO would be among the largest in recent restaurant history: Inspire Brands, the parent company of Dunkin\u2019 and Buffalo Wild Wings, is targeting a $20 billion valuation after confidentially filing for an IPO in May.<\/p>\n

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Jersey Mike\u2019s will trade on the New York Stock Exchange under \u201cJMKE\u201d.<\/p>\n

This year has marked a wave of IPOs, punctuated with SpaceX\u2019s record-crushing IPO last month. With Anthropic and OpenAI similarly planning to go public imminently, there\u2019s a sense of confidence and optimism in the markets that has spilled over to other industries.<\/p>\n

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Cancro appears to have similar optimism. He has been involved in the chain for 50 years, working at a Jersey Shore sub shop in 1971, when he was 14 years-old, then buying Mike\u2019s Subs four years later, changing the name of the restaurant and franchising it soon after.\u00a0\u00a0<\/p>\n

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After selling the majority of the company to Blackstone for $8 billion, Cancro retained \u201cmeaningful equity\u201d in the chain and sits on the company\u2019s board. He said in a letter to shareholders included in the filing that CEO Morrison and Blackstone will help scale the brand in the coming years.<\/p>\n

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\u2033Their experience with leading franchisors aligns with the values and long-term mindset that have shaped Jersey Mike\u2019s and will help continue our expansion in the United States and abroad,\u201d Cancro wrote.<\/p>\n

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