Jersey Mike’s makes its IPO official

Jersey Mike’s filed documents with federal securities regulators for a $100 million initial public offering on Thursday, bringing one of the restaurant industry’s most consistent growth stories to public company investors.

It sets the stage for what could be the largest IPO the restaurant industry has seen, at least in terms of valuation, though an expected offering from Dunkin’ owner Inspire Brands later this year will likely eclipse that.

The IPO comes less than two years after the company was sold to the private-equity firm Blackstone and adds to a monumental set of changes for the New Jersey-based company. In that period Jersey Mike’s has had its first new owner in its history, its second CEO and plans for a new headquarters. Now it will become a publicly traded company.

Financial performance

Jersey Mike’s boasts some of the strongest unit economics in the sandwich sector, with $4.3 billion in system sales and average-unit volumes approaching $1.4 million. The company’s same-store sales have increased annually for 20 straight years and are up a cumulative 50% over the past five years.

The company’s system sales have increased 90% since 2021. The bulk of Jersey Mike’s restaurants are owned by franchisees. The American Customer Satisfaction Index recently rated the chain its top quick-service brand.

Debt and expansion plans

Jersey Mike’s largely plans to pay down debt incurred this year. The company borrowed $760 million earlier this year through a whole business securitization, which it used to pay down earlier debt and fund a dividend to Blackstone. Overall, the company has $2.1 billion in long-term debt.

Jersey Mike’s generated $327 million in adjusted EBITDA, or earnings before interest, taxes, depreciation and amortization, or 47% of annual revenues in 2025, according to the document.

The company plans to open its first locations in the UK toward the end of this year, starting in London. Leading that charge is Peter Cancro, the company’s founder and now-former CEO, who signed a master franchise agreement for the UK and Ireland last year.

Charlie Morrison, who took over for Cancro following the Blackstone said, said that the company has plenty of room to grow in the U.S., too. “With more than 3,300 stores across the United States and Canada, we have achieved significant national scale, yet we believe we are still in the early innings of our domestic growth opportunity,” he said in the filing. “We benefit from best-in-class brand awareness, a highly portable model, and strong momentum across both established and newer markets.”

And he noted that “a substantial portion of our future development is being driven by existing franchise owners, reflecting their confidence in the brand.”