Jersey Mike’s IPO Filing Reveals $50 Million In Pay For A Stepson—Here’s What Else It Shows
Jersey Mike's IPO prospectus was filed Thursday, revealing the sandwich chain’s intent to trade its stock alongside a detailed accounting of how founder Peter Cancro and his family collected tens of millions of dollars in compensation, a private jet, and some rights to the chain's big international push.
Peter Cancro's stepson, Phillip Sivolobov, received over $50.5 million in total compensation from Jersey Mike's from 2023 to 2025, according to the filing, which said family members “were employed by the Company in various roles.”
Cancro's brother-in-law Daniel Powers collected more than $31 million in the 2025 and 2024 fiscal years, while brother John Cancro received approximately $21 million from 2023 to 2025.
None of the family members listed in the filing received any compensation from the company in the 13 weeks ended March 29, 2026, according to the prospectus.
In connection with Blackstone's acquisition of a majority stake, an aircraft was transferred to an entity controlled by Cancro for approximately $41 million, the filing reveals, also showing Cancro was paid roughly $2 million in 2025 to cover his air travel expenses.
Thursday’s filing also detailed more information about Jersey Mike’s international push, showing Cancro personally controls the master franchise rights for up to 300 Jersey Mike's locations across the UK and Ireland through an entity he owns.
Cancro resigned as Jersey Mike’s CEO last year.
The prospectus does not reveal Jersey Mike’s proposed share price range or the total shares it plans to offer.
$8 billion. That is the valuation placed on Jersey Mike's when Blackstone acquired a majority stake in 2024.
Jersey Mike’s was founded in 1956 and has since grown to more than 3,000 domestic locations and $4.3 billion in sales, according to the prospectus. Prior to the Blackstone deal in which the private equity firm acquired a majority ownership stake in the chain, Jersey Mike’s operated as a closely held private business under Cancro's control — a structure that, the prospectus makes clear, extended to family employment. Cancro’s wife, two sons, daughter, sister-in-law, brother, two brothers-in-law, and stepson all drew patches from the company at various points between 2023 and 2025. The company will list its Class A common stock on the New York Stock Exchange under the ticker symbol “JMKE.”