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Jersey Mike’s is going public. The sandwich chain, which ranked #1 on Entrepreneur magazine’s Franchise 500 list, confidentially filed for an initial public offering on Monday, less than 18 months after private equity giant Blackstone acquired a majority stake for roughly $8 billion. The move positions Jersey Mike’s to join fellow fast-casual chains like Chipotle and Sweetgreen as a publicly traded company.
Blackstone’s playbook is showing. After the deal closed, the firm tapped former Wingstop CEO Charlie Morrison to run Jersey Mike’s. Morrison led the chicken wing chain for a decade, shepherding it through its own IPO and a period of historic growth. With more than 3,000 locations nationwide, Jersey Mike’s is the second-largest hoagie sandwich chain in the U.S. behind Subway.
Founder Peter Cancro, who bought the original shop in Point Pleasant, New Jersey, as a teenager in 1975, will retain a stake. If the IPO succeeds, it will be the first restaurant public offering since Black Rock Coffee Bar went public in September. The filing didn’t disclose pricing or share details — but investors are hoping it goes “Mike’s Way.”