Jersey Mike's IPO Filing Reveals $50.5 Million Paid to Founder’s Stepson
Updated
Updated · Forbes · Jul 2
Jersey Mike's IPO Filing Reveals $50.5 Million Paid to Founder’s Stepson
3 articles · Updated · Forbes · Jul 2
Summary
$50.5 million in compensation went to founder Peter Cancro’s stepson, Phillip Sivolobov, from 2023 to 2025, according to Jersey Mike’s IPO prospectus filed Thursday.
The filing also disclosed more than $31 million for brother-in-law Daniel Powers and about $21 million for brother John Cancro, while saying listed family members received no pay in the 13 weeks ended March 29, 2026.
A $41 million aircraft was transferred to an entity controlled by Cancro in connection with Blackstone’s majority-stake purchase, and Cancro separately received about $2 million in 2025 for air travel expenses.
The prospectus further showed Cancro controls master franchise rights for as many as 300 Jersey Mike’s locations in the UK and Ireland through his own entity.
The disclosures came as Jersey Mike’s moved toward a NYSE listing under JMKE after Blackstone’s 2024 deal valued the chain at $8 billion.