Last Updated: April 5, 2024
Info
Category:
Richest BusinessCEOs
Net Worth:
$4 Billion
Birthdate:
May 15, 1958 (66 years old)
Birthplace:
New Jersey
Profession:
CEO/Co-founder of Jersey Mike's
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What is Peter Cancro's Net Worth and Salary?

Peter Cancro is an American entrepreneur and businessman who has a net worth of $4 billion. Peter Cancro earned his fortune as the co-founder of Jersey Mike's Subs, an American submarine sandwich chain with more than 2,700 locations in the United States and $3.3 billion in annual gross revenue. It is the second-largest sub-style sandwich company in the United States behind Subway. Peter owns Jersey Mike's outright and in April 2024 it was reported that the company was considering acquisition offers that valued the chain at as much as $8 billion. As of this writing, no transaction has officially occurred, but a year earlier Subway was acquired by a private equity firm for $9.6 billion. 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.

Peter 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 2,700 locations and the company generates around $2 billion per year in gross revenue.

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.

Today Jersey Mike's operates a franchise-purchasing assistance program called the "Coach Rod Smith Ownership Program" to help young entrepreneurs start their careers.

Cancro used the money to buy Mike's, making him a business owner at the age of 17. He went on to become the company CEO, as well. The deal officially closed on March 31, 1975.

In 1987, high customer demand led Cancro to start franchising his restaurant across the United States. It was at this time that he renamed the business Jersey Mike's, referencing the shop's state of origin. The business took off in a major way from there; by 2014, it had amassed 750 locations with 650 additional ones in varying stages of development. The following year, the total number of Jersey Mike's locations surpassed 1,000, and by 2018 the company was doing $1 billion in sales across 1,400 locations. The franchise also has some locations in Canada and Mexico. Each Jersey Mike's shop serves submarine sandwiches made to order, with meats and cheeses sliced as needed. Customers may order their meal "Mike's Way," which involves such condiments as sliced onions, tomatoes, salt, shredded lettuce, and a juice combining red wine vinegar and olive oil.

Charity

Through Jersey Mike's, Cancro is involved in charitable endeavors. Each year on the final Wednesday of March, the restaurant hosts a "Day of Giving" in which it donates all of the money from its sales to various charities. In 2022, Jersey Mike's raised over $6 million on the day for more than 170 charities nationwide.

Personal Life

Not long after graduating from high school, Cancro wed his first wife, Linda. The couple have two children, a son named Robert and a daughter named Caroline. Peter and Linda eventually divorced. In early 2014, Cancro married his current wife Tatiana Cancro.

Real Estate

In August 2014 Peter paid $15.681 million for a 3,838 square-foot, four-bedroom condo on East 68th Street in New York City. Their apartment, which is in a building called the "Marquand," is at the corner of 68th and Madison avenue. The monthly HOA fee for the unit exceeds $14,000.

All net worths are calculated using data drawn from public sources. When provided, we also incorporate private tips and feedback received from the celebrities or their representatives. While we work diligently to ensure that our numbers are as accurate as possible, unless otherwise indicated they are only estimates. We welcome all corrections and feedback using the button below.
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