What is Jersey Mike's Subs?
Headquartered in Manasquan, N.J., Jersey Mike's Subs is a prominent quick-service restaurant chain renowned for its premium subs and sandwiches. Founded in 1956 and acquired by its current CEO, Peter Cancro, in 1975, the company commenced its franchising operations in 1987. Jersey Mike's operates a vast network of 3,000 domestic restaurants across 48 states and Washington D.C., with a limited presence in Canada. The company has experienced substantial expansion, growing from 324 U.S. units in 2006 to over 2,025 units, demonstrating a compound average growth rate of approximately 13%. The system is predominantly franchised, with a target of 99% franchised locations, featuring a diverse franchisee base with an average of four restaurants per operator.
How much funding has Jersey Mike's Subs raised?
Jersey Mike's Subs has raised a total of $1.4M across 2 funding rounds:
Debt
$685K
Debt
$745K
Debt (2024): $685K with participation from First Savings Bank
Debt (2024): $745K led by First Savings Bank
Key Investors in Jersey Mike's Subs
First Savings Bank
First Savings Bank is a financial institution that has provided debt financing to Jersey Mike's Subs. Their involvement suggests a focus on supporting established businesses with capital for operational or expansion needs.
First Savings Bank
First Savings Bank has again provided debt financing, indicating a continued financial partnership with Jersey Mike's Subs. This repeated backing highlights the bank's confidence in the company's financial stability and growth prospects.
What's next for Jersey Mike's Subs?
With a committed development pipeline exceeding 1,000 restaurants, including 250 expected openings in 2022, Jersey Mike's Subs is poised for continued aggressive expansion. The recent major strategic investment signals a clear intent to capitalize on its proven franchise model and strong market demand. This capital will likely fuel further geographic penetration, enhance operational efficiencies, and potentially support new market entries or product development. The company's focus on maintaining a high proportion of franchised units suggests a strategy centered on scalable growth driven by franchisee success, supported by strategic financial backing.
See full Jersey Mike's Subs company page
