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Blackstone · IPO · Private Equity · Restaurant
Jersey Mike's confidentially filed for an IPO on Monday, marking a significant step towards going public more than a year after Blackstone acquired a majority stake in a deal valuing the sandwich chain at approximately $8 billion.
Following the Blackstone acquisition, Charlie Morrison, former CEO of Wingstop, assumed leadership, bringing his experience from Wingstop's successful IPO and rapid growth phase. Jersey Mike's, the second-largest hoagie sandwich chain in the U.S. with over 3,000 locations, reported a 2025 revenue of $309.8 million, a 10.6 percent increase from the previous year.
However, its net income decreased to $183.6 million in 2025, down from $238.8 million the year prior. Founder Peter Cancro started the chain in 1971, owning it solely until the Blackstone deal.
This confidential filing initiates the IPO process, representing one of the first restaurant IPOs since Black Rock Coffee Bar went public in September, occurring amidst a period of slowed IPO activity due to market volatility and economic uncertainty.
