Jersey Mike’s Raises $1 Billion in IPO at $7.3B Valuation | Income Tips & Side Hustles
In 1975, a 17-year-old named Peter Cancro purchased his first sub store in Point Pleasant, New Jersey. On Wednesday, that store’s guardian company went public at a $7.3 billion valuation. Jersey Mike’s and its backers raised $1 billion in an IPO priced at $23 a share, more than 10 occasions oversubscribed, Bloomberg reviews.
The chain now has more than 3,300 US and Canadian places, plus an expansion deal with Cancro to open roughly 300 more across the UK and Ireland. Revenue grew 11% to $724 million last 12 months, and Jersey Mike’s US sales growth has outpaced rivals like Jimmy John’s, while Subway has truly declined, as diners lean towards sandwiches over pricier bowl ideas.
Blackstone, which purchased Jersey Mike’s last 12 months for about $8 billion including debt, will retain 68% of voting energy after the IPO. Cancro stepped back from CEO to chairman in April, handing the function to Charlie Morrison, who beforehand ran Wingstop and Salad and Go. Shares started trading Thursday on the NYSE under the ticker JMKE.
In 1975, a 17-year-old named Peter Cancro purchased his first sub store in Point Pleasant, New Jersey. On Wednesday, that store’s guardian company went public at a $7.3 billion valuation. Jersey Mike’s and its backers raised $1 billion in an IPO priced at $23 a share, more than 10 occasions oversubscribed, Bloomberg reviews.
The chain now has more than 3,300 US and Canadian places, plus an expansion deal with Cancro to open roughly 300 more across the UK and Ireland. Revenue grew 11% to $724 million last 12 months, and Jersey Mike’s US sales growth has outpaced rivals like Jimmy John’s, while Subway has truly declined, as diners lean towards sandwiches over pricier bowl ideas.
Blackstone, which purchased Jersey Mike’s last 12 months for about $8 billion including debt, will retain 68% of voting energy after the IPO. Cancro stepped back from CEO to chairman in April, handing the function to Charlie Morrison, who beforehand ran Wingstop and Salad and Go. Shares started trading Thursday on the NYSE under the ticker JMKE.
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