Jersey Mike’s quietly files for IPO in wake of $8B – Business News
Jersey Mike’s, the sandwich giant that began as a modest deli on the Jersey Shore and has grown 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 initial public offering, in keeping with a company press release that was posted on Monday.
The announcement got here more than a 12 months after personal equity giant 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 investment.
The wing-man changed Peter Cancro, the longtime CEO and founder-owner who ran the company for about 50 years earlier than transferring into the chairman position in April of final 12 months.
Prior to Blackstone’s acquisition of Jersey Mike’s, Cancro was the outright proprietor.
Under Cancro’s management, Jersey Mike’s generated robust momentum, with roughly 3,000 places, about $3.3 billion in gross sales and round 20 straight years of same-store gross sales growth.
Morrison’s decade working Wingstop from 2012 to 2022 reworked the chain from a small, area of interest model into a world growth story.
The Tinton Falls-based sandwich chain has grown to roughly 3,000 places nationwide. Getty Images/iStockphoto
When he took over, the company had fewer than 500 places; by the time he exited, that footprint had swelled to about 2,000 eating places throughout more than 10 international locations, marking one of the quickest expansions in the restaurant sector.
Strong financial efficiency adopted swimsuit. Systemwide gross sales surged from about $457 million to roughly $2 billion during Morrison’s tenure, whereas income tripled and income jumped more than fivefold in the early years of his management.
The exec additionally led Wingstop by its 2015 IPO, extensively seen as a standout success in the restaurant industry.
The company’s stock delivered main beneficial properties in the years that adopted, reinforcing his popularity as a worth creator for traders in addition to an operator succesful of scaling a franchise system.
