OT: WSJ reports Jersey Mike's worth $8 billion, owner looking to sell

[Fat Koko]

https://www.wsj.com/business/retail/jersey-mikes-considers-sale-6acc1e8a?mod=business_lead_story

Behind a paywall. Relevant points:

- Blackstone and Jersey Mike's are discussing a transaction.
- Jersey Mike's owner, Peter Cancro, "owns the company outright." This suggests Jerry does not have equity partners and the company could have no debt. In this scenario, Peter would receive billions upon a sale.
- Rutgers not mentioned in article.

Back on August 31, 2023, Peter was interviewed on CNBC by Squawk Box's Becky Quick, a Rutgers alumnus and Scarlet Knights fan. Peter didn't say much about about Rutgers, but a July 2023 Restaurant Business article describes Peter's relationship with Greg. The magazine's editor removed this article from behind the paywall. Interesting tidbits include Greg speaking motivationally at Jersey Mike's employee events, and Peter donating to Greg's favorite charities.

Hopefully, Greg, Pike, Hobbs and Holloway are working overtime to attract Peter as a large, whale-level Rutgers donor. With the flick of Peter's wrist, the indoor practice facility and RAC renovation would have the private $ needed to break ground.

 

[WhiteBus]

He is a fellow Garnet Gull, Point Pleasant Beach HS grad. He is 4 years older then me but I played football with his brother John. It's amazing how far from it's humble beginnings to what it is now.

 

[Brisket and Bourbon]

Will be swimming in cash even after the stinking feds take their part…

 

[RAA-1]

Amazing story of his business life stating at 14 at the original sub shop in PP to a very successful national franchise. How does Blackstone Arena sound?

 

[Mr_Twister]

Cancro won the Submarine Sandwich lottery drawing.

 

[e5fdny]

He is a fellow Garnet Gull, Point Pleasant Beach HS grad. He is 4 years older then me but I played football with his brother John. It's amazing how far from it's humble beginnings to what it is now.

I really thought you were older. 🤷‍♂️ LOL

 

[nutfromSEC117]

Rent a center sponsorship

R-A-C RAC

 

[T2Kplus20]

He is a fellow Garnet Gull, Point Pleasant Beach HS grad. He is 4 years older then me but I played football with his brother John. It's amazing how far from it's humble beginnings to what it is now.

Congrats to him, cash out and enjoy life. I remember when Jersey Mike's was only a few locations. Loved the place from day one. A few weeks ago, I noticed a Jersey Mike's in freaking Oahu. LOL!

 

[T2Kplus20]

https://www.wsj.com/business/retail/jersey-mikes-considers-sale-6acc1e8a?mod=business_lead_story

Behind a paywall. Relevant points:

- Blackstone and Jersey Mike's are discussing a transaction.
- Jersey Mike's owner, Peter Cancro, "owns the company outright." This suggests Jerry does not have equity partners and the company could have no debt. In this scenario, Peter would receive billions upon a sale.
- Rutgers not mentioned in article.

Back on August 31, 2023, Peter was interviewed on CNBC by Squawk Box's Becky Quick, a Rutgers alumnus and Scarlet Knights fan. Peter didn't say much about about Rutgers, but a July 2023 Restaurant Business article describes Peter's relationship with Greg. The magazine's editor removed this article from behind the paywall. Interesting tidbits include Greg speaking motivationally at Jersey Mike's employee events, and Peter donating to Greg's favorite charities.

Hopefully, Greg, Pike, Hobbs and Holloway are working overtime to attract Peter as a large, whale-level Rutgers donor. With the flick of Peter's wrist, the indoor practice facility and RAC renovation would have the private $ needed to break ground.

Maybe he can become our T Boone Pickens or Phil Knight!

 

[RUTGERS95]

awesome job Pete, enjoy the fruits of your labor!

 

[Fat Koko]

Amazing story of his business life stating at 14 at the original sub shop in PP to a very successful national franchise. How does Blackstone Arena sound?

Blackstone is a private equity firm that doesn't want to draw attention to itself.

A better idea is to rename the Rutgers sports teams the Rutgers Jersey Mike's. Retire the Scarlet Knights.

Replace the Block R with the oval Jersey Mike's logo. Greg won't like it, because he invented the Block R, but if Jersey Mike's funds his practice facility, Greg should be okay with a logo change. The logo is already stamped inside and outside of the basketball arena and Pike doesn't mind.

This Jersey Mike's logo is shaped like a football. After Georgia adopted an oval helmet logo, the football team won several national championships.

For a secondary Rutgers logo, go with an image of reality TV star The Situation. He's from Jersey and his name is Mike.

 

[djrc89]

He is a fellow Garnet Gull, Point Pleasant Beach HS grad. He is 4 years older then me but I played football with his brother John. It's amazing how far from it's humble beginnings to what it is now.

I know John well. Great guy

 

[WhiteBus]

I really thought you were older. 🤷‍♂️ LOL

Sorry to disappoint you 🤣. Class of '79 Point Pleasant Beach, RU- Cook Class of '83. I'll turn 63 later this month literally flying back from Europe, after 10 days of cycling, on my birthday. However, I have to admit Pete Cancro looks younger then me. He is an impressive business man!

 

[WhiteBus]

I know John well. Great guy

Great guy, funny guy. Great teammate. Helped me out a lot. He was one grade ahead of me. A lot of us missed him in our last year but we won the conference title without him🤣🤣

 

[RAA-1]

Blackstone is a private equity firm that doesn't want to draw attention to itself.

I wrote that as a joke. My nephew works at Blackstone so I know exactly how they operate.

 

[mildone]

I think the more interesting question than if the current owner of JM's will show RU a whale of a good time is, is anybody here going to make him an offer for JM's? Outbid Blackstone?

 

[WhiteBus]

Cancro won the Submarine Sandwich lottery drawing.

Simply they make a better product on a national level.

 

[e5fdny]

Sorry to disappoint you 🤣. Class of '79 Point Pleasant Beach, RU- Cook Class of '83. I'll turn 63 later this month literally flying back from Europe, after 10 days of cycling, on my birthday. However, I have to admit Pete Cancro looks younger then me. He is an impressive business man!

That’s what threw me.🙂

 

[WhiteBus]

That’s what threw me.🙂

It's thrown me too. Lol

 

[RUPete]

Great success story and his philosophy has always been to give back to the community. I can’t even count how many subs they donated to the team at the hospital during the pandemic. And as @WhiteBus said the product is good. Even here in Jersey, land of Italian delis, I find myself craving Jersey Mike’s every now and then.

 

[WhiteBus]

Great success story and his philosophy has always been to give back to the community. I can’t even count how many subs they donated to the team at the hospital during the pandemic. And as @WhiteBus said the product is good. Even here in Jersey, land of Italian delis, I find myself craving Jersey Mike’s every now and then.

Cutting the cold cuts in front of you and the red wine vinegar they use makes a huge difference. Add in they cut the roll all the way through which many do not around here. The little things makes a difference.

 

[Rhuarc]

Congrats to him, cash out and enjoy life. I remember when Jersey Mike's was only a few locations. Loved the place from day one. A few weeks ago, I noticed a Jersey Mike's in freaking Oahu. LOL!

It's still no Little Teddy's.....

 

[T2Kplus20]

It's still no Little Teddy's.....

I like JM's so much because it is so similar to Little Teddy's!

 

[BigRnj]

Congrats to him, cash out and enjoy life. I remember when Jersey Mike's was only a few locations. Loved the place from day one. A few weeks ago, I noticed a Jersey Mike's in freaking Oahu. LOL!

I was in Hawaii a few years back and happened to have the local news on … they ran a piece about a New Jersey sandwich shop (Jersey Mikes) opening in Hawaii. A huge local anchorman tried a sub on air and loved it.

I thought it was funny that a sub shop opening made the evening news.

 

[RUPete]

It's still no Little Teddy's.....

I liked Little Teddy’s but I always thought Jersey Subs on George Street was just as good. Not quite as good since the previous owners sold.

 

[WhiteBus]

It's still no Little Teddy's.....

Well there is no Little Teddy's anymore.

 

[RUScrew85]

Rent a center sponsorship

R-A-C RAC

Perfect but a bit ghetto. Maybe perfect after all.

 

[Rhuarc]

Well there is no Little Teddy's anymore.

That's true. Riddle and Martin in South River is pretty damn good too.

 

[WhiteBus]

That's true. Riddle and Martin in South River is pretty damn good too.

Never understood why they didn't relocate. I think they were offered incentives to do so.

 

[RUPete]

Never understood why they didn't relocate. I think they were offered incentives to do so.

The owner wanted to retire from that work. I worked with his daughter for a bit and asked the same question since I always heard they planned to reopen. Apparently did well from the sale and enough was enough. 😎

 

[nutfromSEC117]

Rac rac

We should be able get the best 5 in the portal every year This years Rutgers rent a center 🤓

 

[Rutgers NJ]

We used to go to the original place and it's hard to believe what it's become. I'll be 69 and we would rent a house near the inlet for years and always managed to get subs there at some point during those vacations. Still love several trips to Pt.Pleasant boardwalk and have relatives that live behind the Pt. Pleasant Boro HS football Stadium. Martells or Jenks for a dinner and cold ones at night is the best. Last few years because of those popup parties and the bullshit and vandalism they bring has made walking on the beach after sundown illegal. Most times we'll then drive over to Manasquan and walk that beautiful paved path and marvel at those great homes they rebuilt. Once I even "drained the dragon: on a property flying a Penn St flag. Sorry it must have been because of those new blood pressure pills with the water release additive, holding it in is nearly impossible. 😁 😉😇

 

[RU_DIO]

If you are down in Point Pleasant Lenny's Colonial Ranch on 88 is where you go for a great sub.

 

[Rutgers NJ]

If you are down in Point Pleasant Lenny's Colonial Ranch on 88 is where you go for a great sub.

Thanks for the tip, we'll have to try it.

 

[runrayrun]

Pete, I'll have a number 5, Pike's way, with extra rebounding and shot blocking.

 

[RU_DIO]

Thanks for the tip, we'll have to try it.

They have everything there. It's a food market with tons of high quality prepared foods.

 

[GoodOl'Rutgers]

I think the more interesting question than if the current owner of JM's will show RU a whale of a good time is, is anybody here going to make him an offer for JM's? Outbid Blackstone?

Let me check my couch cushions...

 

[tom1944]

I believe his dad was my high school English teacher.

Peter Cancro is a retired Colonia High School teacher (Woodbridge Township, New Jersey) with a passion for opera and the visual arts. He holds a Bachelor’s of Science degree from New York University and a Masters of Arts degree from Kean University. Since retirement, Cancro has been teaching opera courses at Olli-RU (Non-credit division of Higher Education at Rutgers University) in Edison, New Jersey.

 

[WhiteBus]

I believe his dad was my high school English teacher.

Peter Cancro is a retired Colonia High School teacher (Woodbridge Township, New Jersey) with a passion for opera and the visual arts. He holds a Bachelor’s of Science degree from New York University and a Masters of Arts degree from Kean University. Since retirement, Cancro has been teaching opera courses at Olli-RU (Non-credit division of Higher Education at Rutgers University) in Edison, New Jersey.

I'm not sure that's his dad.

 

[Knight Shift]

Heard he is no longer looking to sell.