Franchise ownership consolidates ahead of planned IPO
ZoomInfo analysis finds Jersey Mike’s franchise ownership consolidating into large multi-unit operators ahead of the chain’s planned IPO.
Top 10 operators control about 16% of U.S. locations; top 25 about 25%; top 50 about 36%; largest runs about 90 stores.
Franchise-to-franchise store transfers jumped to 218 in 2025, versus 77 in 2024, marking the highest level in at least five years.
Over the same five-year period, Jersey Mike’s recorded zero franchise terminations and zero non-renewals, signaling consolidation driven by M&A, not failures.
The development pipeline exceeds 1,600 stores; more than 90% are committed by existing franchisees, with 59% of 190 listed under construction opened by July 2026.
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