Jersey Mike’s aims for $12 billion valuation for IPO
Jersey Mike’s, the nation’s second-largest sandwich chain, is looking to go public.
Almost two years after its $8 billion acquisition by private equity giant Blackstone, Jersey Mike's confidentially filed with the U.S. Securities and Exchange Commission for an initial public offering Monday, as first reported by Bloomberg. The chain is targeting a $12 billion valuation with goals of raising an additional $1 billion.
Jersey Mike's confirmed in a statement Monday that it submitted a draft registration statement for its Class A common stock, but it has yet to determine the number of shares and price ranges it will offer. The offering is subject to market conditions and the regulatory review process.
The move comes about a year after Charlie Morrison — formerly of fast-food chain Wingstop — stepped in as the CEO of the New Jersey-headquartered company, and a few months after it inked a franchise agreement with founder Peter Cancro to open 400 outposts in the United Kingdom and Ireland. Jersey Mike's is known for its cold and hot hoagie sandwiches. The chain has more than 3,200 locations across the United States, putting it second only to Subway in terms of national sandwich dominance.
Compensation satisfaction drops to new low
Workers might not be looking for new jobs, but that’s not because they’re getting their dream salaries.
The slice of workers searching for a new job fell from 23.8% in November to 22.5% in March, according to the latest Survey of Consumer Expectations on the Labor Market from the New York Federal Reserve Bank. The findings, published Monday, also found that the contraction was starker for female workers and workers under 45 years old.
Workers also cooled their relocation expectations, with only 9.7% of those polled saying they expected moving to a new employer, down 1.4 percentage points from November. That percentage put the metric at its lowest since March 2021 and stemmed mostly from workers without a college degree. Of workers who were receiving new job offers, the proportion who said they received more than four offers shrank from 3.5% in November to 1.8% in March.
When it came to salary and earnings, worker compensation satisfaction dropped to its lowest metric since the New York Fed began the survey in 2014. Only 52.3% of workers were satisfied with wages at their current job, dipping 3.3 percentage points from 55.6% in November. Satisfaction with nonwage benefits declined by 0.6 of a percentage point, and satisfaction with promotion opportunities fell 3.1 percentage points.
Meanwhile, the lowest annual salary that respondents would be willing to accept for a new job increased to a series high of $84,762 in March, driven by high expectations from men and people with a college degree.
Building materials distributor jumps into insulation industry
One of the country’s largest building materials distributors announced it is buying an insulation distributor and installer, continuing a nearly year-long buying spree.
Greenwich, Connecticut-based QXO plans to purchase insulation company TopBuild for about $17 billion. Daytona Beach, Florida-headquartered TopBuild distributes and installs insulation products, while QXO, one of North America's largest publicly traded building product distributors, focuses more on waterproofing, roofing and lumber. The marriage could generate a “higher-margin business,” officials with QXO said in a statement, “significantly expanding QXO’s scale and capabilities across the building products value chain.”
The TopBuild transaction is expected to give QXO "critical mass in the insulation sector and expand our exposure to large, complex projects like data centers, where scale matters,” QXO CEO Brad Jacobs said in the same statement.
The purchase continues a roughly $13 billion buying spree that QXO kicked off in April 2025 when the distributor bought Beacon Roofing Supply for about $11 billion. This month, QXO snapped up Colorado’s Kodiak Building Materials for $2.25 billion, expanding its lumber and assembly offerings.
If the TopBuild purchase goes through as planned, it could make QXO the second-largest publicly traded building materials distributor in North America. The company would have 1,150 locations spread across the United States and Canada, as well as 10,000 vehicles.