Jersey Mike’s CEO is almost as rich as Mark Cuban.

The sub-sandwich chain and buyout firm Blackstone Jersey Mike’s are valued at around $8 billion in the deal, Reuters Cancer is reported to be among the richest people in the world.

Jersey Mike’s Subs officially announced Tuesday that it has reached a deal in which private equity giant Blackstone will take majority ownership of the fast-casual sandwich chain, which has more than 3,000 locations. This made Jersey Mike’s the second largest subway chain in the U.S., reportedly worth up to $10 billion.

Cancro will retain a “significant equity stake” and continue to lead the business, according to the announcement. The transaction is expected to be completed in early 2025.

After the announcement, Cancer climbed the Bloomberg Billionaires Index, listing his net worth at about $7.54 billion. It keeps it close. Shark tank Star and serial investor Mark Cuban, who is worth $7.86 billion. and hedge fund manager Bill Ackman, who is worth $7.65 billion.

Jersey Mike’s did not immediately respond. good luckRequest for comment.

Who is Peter Cancrow?

Cancro has been with the company for over 50 years. He began working at the company’s original Point Pleasant, NJ location at age 14. Back then the sandwich shop was called Mike’s Subs.

“I would spray the subs as they came down the line, wrap them, and work the cash register,” Cancrow wrote in the published “How I Got Started” article. good luck In 2020 “I did everything, except I wasn’t old enough to work on the slicer.”

Cancrow made $1.75 an hour, “which was a lot of money in 1971,” he wrote. But when he learned that the owner of the shop wanted to sell, he began to dream big.

“One night my mom said, “Mike’s for sale. “Why don’t you buy it?” I laughed, climbing up a flight of stairs,” wrote Cancrow. “When I got to the top, I decided to do it.”

To do this, Cancer tried to knock on people’s doors to raise money. After this proved unsuccessful, Cancrow called his football coach, Rod Smith, who was also a banker.

“He knew me, and he said I always put the ball over the goal line,” Cancrow wrote. “Back then, you shook hands, trusted people, and did business that way.”

In 1987, it started franchising units, and by the time of the recession in 1991, the chain had 35 stores. But it was difficult to get a loan at that time.

“Everything we made was spent on development, advertising and more people, and we overspent,” Cancrow wrote. “We were a million and a half dollars in the negative and we were advised to declare bankruptcy, but I said no way.”

And it’s a good thing Cancer persevered. By 1998, the chain regained its momentum, hitting 100 stores. And although another recession hit in 2008 and 2009, Cancrow recalled that “there was still some borrowing needed.

“Everyone was affected, but our company thrived through it because we had enough stores open and better planned for capital and growth,” he wrote.

Today, Jersey Mike’s is recognized as one of the fastest growing fast casual chains in America. This year, the subseries is at No. 2. business’According to s Franchise 500 Entrepreneurit costs up to $1.3 million to open a New Jersey Mike’s franchise location.

“We believe we are still in the early stages of Jersey Mike’s growth story and that Blackstone is the right partner to help us reach even greater heights,” Cancro said in a statement.

Cancro also has a focus on philanthropy, having raised more than $113 million for local charities since 2011, according to Jersey Mike’s.

“What I love about being a CEO is making a difference in people’s lives,” Cancrow wrote. “Most of all I am proud to coach my children’s sports teams. No matter how busy I was, I made it back to his exercises. And all of them got their first job at the age of 14.

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