Jersey Mike’s quietly files for IPO in wake of $8B sandwich giant’s in

Jersey Mike’s quietly files for IPO in wake of $8B sandwich giant’s in

Jersey Mike’s, the sandwich big that began as a modest deli on the Jersey Shore and has grown right into a national powerhouse, is getting ready to drift its shares on Wall Street.

The Tinton Falls, NJ-based company identified for its submarine sandwiches confidentially filed paperwork for an preliminary public providing, according to a company press release that was posted on Monday.

The announcement got here more than a 12 months after personal fairness big Blackstone purchased a majority stake in the chain — valuing the company at round $8 billion.

Jersey Mike’s is getting ready to go public after Blackstone valued the sandwich chain at $8 billion. Getty Images

Jersey Mike’s introduced in former Wingstop CEO Charlie Morrison to steer the company after the Blackstone funding.

The wing-man changed Peter Cancro, the longtime CEO and founder-owner who ran the company for about 50 years before shifting into the chairman function in April of last 12 months.

Prior to Blackstone’s acquisition of Jersey Mike’s, Cancro was the outright proprietor.

Under Cancro’s management, Jersey Mike’s generated strong momentum, with roughly 3,000 areas, about $3.3 billion in sales and round 20 straight years of same-store sales progress.

Morrison’s decade operating Wingstop from 2012 to 2022 remodeled the chain from a small, area of interest model right into a global progress story.

The Tinton Falls-based sandwich chain has grown to roughly 3,000 areas nationwide. Getty Images/iStockphoto

When he took over, the company had fewer than 500 areas; by the time he exited, that footprint had swelled to about 2,000 eating places across more than 10 international locations, marking one of the quickest expansions in the restaurant sector.

Strong monetary performance adopted swimsuit. Systemwide sales surged from about $457 million to roughly $2 billion during Morrison’s tenure, while income tripled and income jumped more than fivefold in the early years of his management.

The exec also led Wingstop by its 2015 IPO, widely seen as a standout success in the restaurant trade.

The company’s inventory delivered major features in the years that adopted, reinforcing his fame as a price creator for buyers in addition to an operator succesful of scaling a franchise system.

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