Peter Cancro Net Worth is a topic of substantial interest, given his prominent status as a successful entrepreneur. As of now, Peter Cancro’s net worth is estimated to be around $7 billion. He amassed this fortune as the co-founder and driving force behind Jersey Mike’s Subs, a renowned American submarine sandwich chain. With over 3,000 locations across the United States, Jersey Mike’s generates approximately $3.3 billion in annual gross revenue, making it the second-largest sub-style sandwich company nationwide, just behind Subway. Despite a significant investment by a private equity firm in late 2024, which valued Jersey Mike’s at $8 billion, Cancro retains majority ownership and continues to serve as the company’s CEO.
One of Peter Cancro’s remarkable traits is his dedication to giving back. Every March, Jersey Mike’s hosts a ‘Day of Giving,’ during which 100% of sales are donated to local charities, resulting in donations of about $5 to $7 million annually. Peter hails from Point Pleasant Beach, New Jersey, and his journey began at the age of 14 when he started working at Mike’s Submarines. When he discovered during his senior year of high school that the shop’s owners were looking to sell, his mother encouraged him to purchase the business. Despite initial challenges, Cancro secured the funds with the help of his football coach, Rod Smith, who provided an interest-bearing loan.
What is Peter Cancro net worth?
| Name | Peter Cancro |
|---|---|
| Category: | Richest Business › CEOs |
| Net Worth: | $7 Billion |
| Birthdate: | May 15, 1958 (67 years old) |
| Birthplace: | New Jersey |
| Profession: | CEO/Co-founder of Jersey Mike's |
Expanding the business was not immediate, but after a decade, Peter Cancro saw the potential in franchising. By 1987, he had transformed the name from Mike’s Submarine to Jersey Mike’s, marking the beginning of a successful franchising journey.
Early Life and Education
Born on May 15, 1957, in New Jersey, Peter Cancro grew up with a younger brother named John. He attended Point Pleasant High School, graduating in 1975, setting the stage for his future entrepreneurial endeavors.
Founding Jersey Mike’s Subs
Peter Cancro’s career began at just 14 years old when he worked part-time at Mike’s Submarines in Point Pleasant. The shop, originally founded in 1956, came up for sale in 1971. Encouraged by his mother, Cancro seized the opportunity, with Rod Smith, his high school football coach and a banker, assisting in the purchase. The $125,000 loan was structured with a 7-year payback, but Cancro managed to repay it over a decade, complete with interest. This pivotal moment marked the beginning of his remarkable journey.
Today, Jersey Mike’s supports aspiring entrepreneurs through the ‘Coach Rod Smith Ownership Program,’ which helps young individuals start their careers. Cancro’s initial purchase at 17 years old led to his role as CEO, with the deal concluding on March 31, 1975.
By 1987, customer demand propelled the business into franchising, with the name officially changing to Jersey Mike’s, reflecting its New Jersey roots. The business flourished, expanding to 750 locations by 2014, with an additional 650 in development. By the following year, Jersey Mike’s had surpassed 1,000 locations, generating $1 billion in sales across 1,400 outlets. The franchise also operates in Canada and Mexico, offering made-to-order submarine sandwiches with fresh ingredients. Customers can enjoy their meals ‘Mike’s Way,’ which includes a variety of condiments and a signature juice blend.
Charity
Beyond business success, Peter Cancro is deeply involved in charitable initiatives. Each March, Jersey Mike’s hosts a ‘Day of Giving,’ donating all sales proceeds to charities. In 2022 alone, the event raised over $6 million for more than 170 charities across the nation.
Personal Life
Following high school, Cancro married his first wife, Linda, with whom he has two children, Robert and Caroline. The couple eventually divorced. In 2014, Cancro married Tatiana Cancro, marking a new chapter in his personal life.
Real Estate
In August 2014, Peter made a significant real estate acquisition, purchasing a $15.681 million, 3,838-square-foot condo on East 68th Street in New York City. The apartment, located in the ‘Marquand’ building at the corner of 68th and Madison Avenue, comes with a monthly HOA fee exceeding $14,000.
What is Peter Cancro’s net worth?
Peter Cancro’s net worth is estimated to be around $1 billion. He is the founder and CEO of Jersey Mike’s Subs, a popular sandwich chain in the United States. Cancro started the business at the age of 17 and has since grown it into a successful franchise with over 2,000 locations. His success story serves as an inspiration for young entrepreneurs
How did Peter Cancro become a millionaire?
Peter Cancro became a millionaire by taking over a struggling sandwich shop at the age of 17 and turning it into the successful franchise, Jersey Mike’s Subs. He focused on quality ingredients, exceptional customer service, and community involvement, which led to rapid growth and profitability. His determination and business savvy helped him achieve his millionaire status
What is the source of Peter Cancro’s wealth?
Peter Cancro’s wealth comes from his successful career as the founder and CEO of Jersey Mike’s Subs, a popular sandwich chain in the United States. He started the business at the age of 17 and has since grown it into a multi-million dollar franchise. His hard work, dedication, and strategic business decisions have contributed to his wealth and success
How much did Peter Cancro earn from selling Jersey Mike’s?
Peter Cancro earned an estimated $700 million from selling Jersey Mike’s in 2019. This successful sale was a result of Cancro’s hard work and dedication to growing the franchise from a single store to over 2,000 locations. His entrepreneurial spirit and commitment to quality have made Jersey Mike’s a beloved brand in the fast-casual restaurant industry
What investments has Peter Cancro made with his net worth?
Peter Cancro, the founder and CEO of Jersey Mike’s Subs, has made several investments with his net worth. These include expanding his franchise business, investing in real estate, and supporting various philanthropic causes. He has also invested in his employees by offering them ownership opportunities and providing training and development programs. This has helped him grow his net worth and create a successful and socially responsible business
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