Source: Fortune
Summary
Jersey Mike’s, a sandwich chain with nearly 3,300 North America locations, has filed for an initial public offering (IPO). The company’s Form S-1 prospectus reveals that founder and former CEO Peter Cancro’s family members received significant compensation and perks, including $50.5 million for his stepson Phillip Sivolobov. The company is valued at approximately $12 billion and will trade on the New York Stock Exchange under “JMKE”.
Our Reading
The numbers tell one story.
Peter Cancro’s family members collected substantial compensation and perks, including a $41 million aircraft transferred to an entity controlled by Cancro. The company paid Cancro $166,666.66 per month for air travel-related business expenses. Cancro also controls the master franchise rights for 300 Jersey Mike’s locations in the U.K. and Ireland.
The announcement sounds familiar, as the company’s IPO filing follows a wave of IPOs this year, including SpaceX’s record-crushing IPO.
Cancro’s optimism and confidence in the markets are evident, as he retains “meaningful equity” in the chain and sits on the company’s board.
The strategy enters a familiar phase, as the company plans to expand internationally and scale the brand with the help of CEO Charlie Morrison and Blackstone.
Jersey Mike’s IPO is just another example of companies cashing in on the current market optimism.
Author: Evan Null
