Jersey Mike’s, the sandwich giant that started as a modest deli on the Jersey Shore and has grown into a national powerhouse, is preparing to float its shares on Wall Street.
The Tinton Falls, NJ-based company known for its submarine sandwiches confidentially filed paperwork for an initial public offering, according to a company press release that was posted on Monday.
The announcement came more than a year after private equity giant Blackstone bought a majority stake in the chain — valuing the company at around $8 billion.
Jersey Mike’s brought in former Wingstop CEO Charlie Morrison to lead the company after the Blackstone investment.
The wing-man replaced Peter Cancro, the longtime CEO and founder-owner who ran the company for about 50 years before moving into the chairman role in April of last year.
Prior to Blackstone’s acquisition of Jersey Mike’s, Cancro was the outright owner.
Under Cancro’s leadership, Jersey Mike’s generated strong momentum, with roughly 3,000 locations, about $3.3 billion in sales and around 20 straight years of same-store sales growth.
Morrison’s decade running Wingstop from 2012 to 2022 transformed the chain from a small, niche brand into a global growth story.
When he took over, the company had fewer than 500 locations; by the time he exited, that footprint had swelled to about 2,000 restaurants across more than 10 countries, marking one of the fastest expansions in the restaurant sector.
Strong financial performance followed suit. Systemwide sales surged from about $457 million to roughly $2 billion during Morrison’s tenure, while revenue tripled and profits jumped more than fivefold in the early years of his leadership.
The exec also led Wingstop through its 2015 IPO, widely seen as a standout success in the restaurant industry.
The company’s stock delivered major gains in the years that followed, reinforcing his reputation as a value creator for investors as well as an operator capable of scaling a franchise system.
