Jersey Mike’s CEO is worth $7.5 billion after Blackstone deal

Jersey Mike’s CEO Peter Cancro  saw his net worth skyrocket after agreeing to sell the sandwich chain to Blackstone in a deal worth $8 billion.

Transcript

00:00Jersey Mike's CEO is now worth almost as much as Mark Cuban. Peter Cancro has been with the

00:04chain for more than 50 years and recently sold the company for around $8 billion to Blackstone.

00:10Cancro will still maintain a significant equity state and continue to lead the business,

00:14and is seeing a nice bump to his net worth which is now up to $7.54 billion according to the

00:20Bloomberg Billionaires Index. That's not far behind Shark Tank star and serial investor Mark

00:25Cuban who's worth $7.86 billion. Cancro first joined the original sandwich shop as a 14-year-old

00:31in 1971 and earned just $1.75 per hour. He later bought the shop and began franchising locations

00:38for what is now one of the fastest growing fast casual chains in America.