surprising fact
Jersey Mike’s IPO prospectus earlier this month revealed how much the family of founder Peter Cancro, whose net worth is estimated at $4.9 billion as of Monday, has been paid by the company. His stepson, Philip Sivolobov, received $50.5 million from Jersey Mike’s from 2023 to 2025, and Cancro’s brother-in-law Daniel Power collected more than $31 million from 2024 to 2025, while brother John Cancro received about $21 million from 2023 to 2025. The filing noted Peter Cancro’s family members were “employed by the company in various roles,” though no family members listed in the filing received compensation from Jersey Mike’s in the 13 weeks ending March 29, 2026. The prospectus also showed that, around the time Blackstone took control of Jersey Mike’s, the company transferred an aircraft to an entity controlled by Peter Cancro for about $41 million.
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big number
20. That’s how many consecutive years Jersey Mike’s has posted positive sales growth at locations open at least a year, according to the filing.
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key background
Jersey Mike’s—then known as Mike’s Subs—was founded in 1956 as a single location in Point Pleasant, New Jersey, before Peter Cancro expanded on its business in the 1980s. The sandwich chain has since grown to more than 3,000 domestic locations and more than $4 billion in annual sales. Blackstone announced in November 2024 it reached an agreement with Jersey Mike’s to acquire a majority stake in the firm for about $8 billion.
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further reading
ForbesJersey Mike’s IPO Filing Reveals $50 Million In Pay For A Stepson, A $41 Million Aircraft And A Family On PayrollBy Antonio Pequeño IV