Context:

Peter Cancro, founder and CEO of Jersey Mike’s Subs, is stepping down after selling a significant stake of the company to Blackstone for $8 billion, marking the end of its seven-decade run as an independently owned business. Charlie Morrison, former CEO of Wingstop, will assume the CEO role, with a focus on expanding Jersey Mike's both domestically and internationally. Cancro, who started working at the original Jersey Mike's location as a high school student and became its owner at 17, will remain as chairman of the board and a significant minority shareholder. Under Cancro's leadership, Jersey Mike's has grown to 3,000 locations and is now the second-largest sandwich chain in sales behind Subway. The sale, the largest in the fast food space since Subway's acquisition by Roark Capital, has significantly increased Cancro's net worth to $7.5 billion.

Dive Deeper:

• Peter Cancro is stepping down as CEO of Jersey Mike’s Subs after the company sold a significant stake to Blackstone for $8 billion, making him a multibillionaire.

• Charlie Morrison, known for his success at Wingstop, will become the new CEO, tasked with continuing the company's momentum and expansion in the US and abroad.

• Cancro, who began working at Jersey Mike's in 1971 as a teen and bought the first store at 17, will remain as chairman of the board and a minority shareholder.

• Jersey Mike's has grown to 3,000 locations under Cancro's leadership and ranks as the second-largest sandwich chain in sales, following Subway.

• The sale to Blackstone marks one of the largest deals in the fast food industry, only surpassed by Subway's $9.6 billion sale to Roark Capital.

• Cancro's journey from a high school student to a business magnate highlights his significant impact on the brand, which he expanded through franchising in the US, Canada, and plans for Europe and the UK.

• Jersey Mike's locations reportedly earn about $1.35 million per unit, outperforming Subway's average revenue of less than $500,000 per location.