The Pete behind Jersey Mike’s was only 17 years old when he borrowed $125,000 to buy the chain—with some help from his high school football coach - Fortune

What the report says

Fortune reported that Peter Cancro, the longtime leader of Jersey Mike’s Subs and now its chairman, bought the Point Pleasant, New Jersey, sandwich shop that became the national chain when he was 17. Cancro had started working at the then-named Mike’s Subs at age 14, after his brother helped him get the job, and was still in high school when the owner decided to sell.

According to Fortune, Cancro’s mother first suggested he purchase the business, prompting him to seek financing despite plans to attend the University of North Carolina at Chapel Hill. After failing to find backers, he turned to Rod Smith, his former youth football coach and a banker, who helped him secure a $125,000 loan. Fortune noted that amount would be roughly $775,000 today. Cancro completed the purchase on March 31, 1975, while continuing school and running the shop.

The article traced how Cancro kept the original store for more than a decade before moving into franchising and later renaming the business Jersey Mike’s. Fortune said the company grew through early expansion into states including Ohio and Tennessee, but also faced serious strain during the 1991 recession, when tighter bank financing left the business deeply in debt and forced layoffs and personal financial sacrifices.

The profile comes as Jersey Mike’s approaches a potential initial public offering that Fortune said could value the company at about $8 billion and generate at least $1.1 billion in immediate proceeds. Blackstone acquired a majority stake in 2025 at an $8 billion valuation, and former Wingstop CEO Charlie Morrison has succeeded Cancro as CEO.