The Pete behind Jersey Mike’s was only 17 years old when he borrowed $125,000 to buy the chain—with some help from his high school football coach
Peter Cancro was still in high school when he took a leap of faith and took out a six-figure loan to buy a small sandwich shop on the Jersey Shore where he had worked since he was 14. By the time Cancro joined what was then called Mike’s Subs, the shop, started by Mike Ingravallo in 1956, was already a mainstay of Cancro’s hometown of Point Pleasant, N.J.
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Peter Cancro was still in high school when he took a leap of faith and took out a six-figure loan to buy a small sandwich shop on the Jersey Shore where he had worked since he was 14. By the time Cancro joined what was then called Mike’s Subs, the shop, started by Mike Ingravallo in 1956, was already a mainstay of Cancro’s hometown of Point Pleasant, N.J. But Cancro’s vision would later turn the small operation into Jersey Mike’s—a national chain with 4,000 locations open and under development. As the sub chain approaches a potential blockbuster IPO set to value the company at about $8 billion and bring in at least $1.1 billion in immediate proceeds, here’s a look at how Cancro helped turn a mom-and-pop sandwich shop into a franchise giant.
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- What's the story?
- Peter Cancro was still in high school when he took a leap of faith and took out a six-figure loan to buy a small sandwich shop on the Jersey Shore where he had worked since he was 14. By the time Cancro joined what was then called Mike’s Subs, the shop, started by Mike Ingravallo in 1956, was already a mainstay of Cancro’s hometown of Point Pleasant, N.J.
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The Pete behind Jersey Mike’s was only 17 years old when he borrowed $125,000 to buy the chain—with some help from his high school football coach
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