Jersey Mike’s IPO Reveals Family Pay and $41M Private Jet Deal

Jersey Mike’s has officially filed for an initial public offering, with documents released Thursday outlining the sandwich chain’s plan to go public while also disclosing extensive compensation paid to founder Peter Cancro’s family, ownership of a private aircraft, and his role in the brand’s international expansion.

The IPO prospectus shows that Cancro’s stepson, Phillip Sivolobov, received more than $50.5 million in total compensation between 2023 and 2025. The filing states that several members of Cancro’s family were employed by the company in various positions during that period.

According to the filing, Cancro’s brother-in-law, Daniel Powers, earned more than $31 million across the 2024 and 2025 fiscal years, while his brother, John Cancro, received roughly $21 million in compensation from 2023 through 2025. The prospectus also notes that none of the listed family members received compensation during the 13-week period ending March 29, 2026.

The filing further reveals that, following Blackstone’s acquisition of a majority stake in Jersey Mike’s, a company aircraft was transferred to an entity controlled by Cancro for approximately $41 million. In addition, Cancro received about $2 million in 2025 to cover his air travel expenses.

Details of the company’s overseas expansion were also included in the prospectus. It states that Cancro personally controls the master franchise rights for as many as 300 Jersey Mike’s locations across the United Kingdom and Ireland through an entity he owns. Cancro stepped down as the company’s chief executive officer last year.

The prospectus does not disclose the expected IPO price range or the number of shares Jersey Mike’s intends to sell. Blackstone valued the company at approximately $8 billion when it acquired a majority ownership stake in 2024.

Founded in 1956, Jersey Mike’s has grown into a chain with more than 3,000 U.S. locations and generated $4.3 billion in sales, according to the filing. Before Blackstone’s investment, the business operated as a closely held private company under Cancro’s control. The prospectus shows that multiple family members—including his wife, two sons, daughter, sister-in-law, brother, two brothers-in-law, and stepson—received compensation from the company at various times between 2023 and 2025. Jersey Mike’s plans to list its Class A common stock on the New York Stock Exchange under the ticker symbol JMKE.