Peter Cancro Net Worth. Jersey Mike’s Subs is heading to America’s “Last Frontier.” The Manasquan-based sandwich chain – which has more than 2,500 restaurants in 49 states – expects to make its debut in Alaska this year, starting with locations in Anchorage and Wasilla.
Founded in 1956, Jersey Mike’s started out as Mike’s Subs, a small sandwich shop in Point Pleasant, and is now one of the fastest growing quick service restaurants in the country. Driving that growth is CEO and founder Peter Cancro, who began his business career in 1971, when he worked at Mike’s Subs. Shortly thereafter, at age 17, he decided to forego a potential college football career and purchased the sandwich shop.
In 1987, Cancro changed the name of the original Mike’s to Jersey Mike’s and spent the next couple of decades turning the brand into a nationwide empire. Over the past three years, Jersey Mike’s increased its number of units by 37.9%, earning the chain the No. 3 spot on Entrepreneur’s newly released ranking of 2023’s top 500 franchises. This year marks Jersey Mike’s fifth year on the list — and its highest ranking ever.
What is Peter Cancro’s Net Worth and Salary?
Peter Cancro is an American entrepreneur and businessman who has a net worth of $600 million. Peter Cancro earned his fortune as the co-founder of Jersey Mike’s Subs, an American submarine sandwich chain with more than 1,500 locations in the United States. Cancro is from Point Pleasant Beach, New Jersey. He started working at a sandwich place called Mike’s Submarines when he was 14 years old. During his senior year of high school Peter found out that the shops’ owners, two brothers, were looking to sell. They wanted $125,000. Peter’s mother suggested that he buy it. According to legend, Peter skipped school the next week to pound the pavement and raise enough money to buy the brothers out. After days getting nowhere he eventually knocked on the door of his football coach Rod Smith. Peter laid out the shop’s finances and Rod – who worked in finance as his day job – offered to fund the purchase with an interest-bearing loan.
Over the next decade Cancro opened a few new locations, but expansion was slow and challenging. In 1987 he decided that franchising was the way to go. At this point he also changed the chain’s name from Mike’s Submarine to Jersey Mike’s.
- By 1991 there were 30 locations.
- By 2014 there were 750 locations.
- By 2015 there were over 1,000
- Today there are roughly 1,600 locations and the company generates around $2 billion per year in gross revenue.
Peter Cancro still serves as the CEO of the company. He prides himself on giving back and each March Jersey Mike’s hosts their “Day of Giving” and donates 100% of sales to local charities with about $5 to $7 million being donated each year.
Net Worth: $600 Million
Date of Birth: May 15, 1958 (65 years old)
Place of Birth: New Jersey
Profession: CEO/Co-founder of Jersey Mike’s
Early Life and Education
Peter Cancro was born on May 15, 1957 in New Jersey. He has a younger brother named John. As a teenager, Cancro went to Point Pleasant High School, graduating in 1975.
Founding Jersey Mike’s Subs
When he was only 14 years old in 1968, Cancro had a part-time job at a local sandwich shop called Mike’s Submarines in the borough of Point Pleasant. The eatery had been founded in 1956, and was at the time on its third owner. When the shop went up for sale in 1971, Cancro’s mother encouraged him to purchase it. He heeded her advice, and with the aid of a high school football coach named Rod Smith who was also a banker, managed to pull together $125,000 in a matter of days. Smith loaned Cancro the money with a 7-year payback plan. It ended up taking Cancro a decade to pay back the loan, but he did so with interest.