ZoomInfo’s Data Says Jersey Mike's Franchise System Is Consolidating Fast Ahead of Its IPO

Key Terms

s-1 regulatory

A Form S-1 is a detailed registration document filed with U.S. regulators when a company intends to sell shares to the public for the first time or raise new equity. It acts like a company’s full disclosure booklet — describing business operations, risks, finances and how the proceeds will be used — and matters to investors because it provides the primary, official information needed to judge the company’s prospects and risks before buying stock.

franchise disclosure documents regulatory

Franchise disclosure documents are standardized legal packets that a franchisor must provide to anyone considering buying a franchise, listing fees, initial investment and ongoing costs, territory rules, training and support, past litigation, and the franchisor’s financial statements. For investors, FDDs act like a product label or car manual that reveals how the business model generates revenue, what obligations and risks franchisees face, and where potential liabilities or limits to growth might lie.

initial public offering financial

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

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New analysis combining Jersey Mike's S-1, five years of franchise disclosure filings, and ZoomInfo's proprietary franchise dataset shows a professionalizing operator base, a record wave of ownership changes, and almost no failures.

VANCOUVER, Wash.--(BUSINESS WIRE)-- ZoomInfo (NASDAQ: GTM), the all-in-one AI GTM Platform, has confirmed a new analysis showing Jersey Mike's franchise system consolidating into the hands of large, multi-unit operators ahead of the sandwich chain's planned initial public offering.

ZoomInfo’s proprietary franchise dataset maps ownership across more than 600,000 United States franchise locations spanning 3,000-plus brands, resolving each one to its operating owner and the decision-makers inside it. Go-to-market teams use it to target, invest in, and serve the franchise economy, rather than treating multi-unit operators as anonymous accounts.

ZoomInfo built this analysis using their proprietary franchise dataset, combining its operator-resolved view of Jersey Mike's locations with the chain's Franchise Disclosure Documents and its S-1.

Ownership is consolidating into larger operators

Jersey Mike's roughly 630 franchise owners span a wide range: more than 330 run just one or two stores, while a small tier runs the bulk. The top 10 operators control about 16% of U.S. locations, the top 25 control about 25%, and the top 50 control about 36%. No single operator dominates, the largest runs about 90 stores, roughly 3% of the system, but the center of gravity is shifting toward professional multi-unit operators.

A wave of franchisee-to-franchisee M&A, with virtually no failures

Store transfers between franchise owners tripled to 218 in 2025, up from 77 in 2024 and 96 in 2023, the highest total in at least five years. Over that same five-year window, Jersey Mike's recorded zero franchise terminations and zero non-renewals. This is consolidation by choice, operators buying each other, not stores failing.

Growth is compounding inside the existing base

Jersey Mike's reports a development pipeline of more than 1,600 stores, with over 90% committed by existing franchise owners. ZoomInfo identified 190 locations that Jersey Mike's year-end 2025 filing listed as under construction, concentrated in Texas, California, and New York. Checking those addresses against live business listings, 59% had already opened by July 2026, a marker of how fast the footprint is turning over.

About one in six owners also run other brands

About one in six Jersey Mike's operators also runs at least one other franchise brand, together operating more than 750 locations outside Jersey Mike's. The brands they most commonly also run include The UPS Store, Subway, Little Caesars, Wingstop, Dave's Hot Chicken, Chester's, CiCi's Pizza, and Scooter's Coffee. These are professional multi-unit operators, not single-brand sandwich shop owners.

ZoomInfo identified the cross-brand ownership pattern by matching franchise owner identities against its own company data, verified through a multi-source pipeline that includes more than 300 human researchers. Forrester named ZoomInfo a Leader in The Forrester Wave: Marketing and Sales Data Providers for B2B, Q1 2026, citing that ZoomInfo "differentiates across most of the criteria we evaluated."

About ZoomInfo

ZoomInfo (NASDAQ: GTM), the all-in-one AI GTM platform, enables sales, marketing, and customer success teams to execute their go-to-market strategy with confidence. Powered by the industry's most comprehensive B2B data, including more than 100 million companies, 500 million contacts, and billions of signals, ZoomInfo delivers the intelligence, automation, and integrations that modern revenue teams need to identify, engage, and convert their best buyers.

GTM.AI is ZoomInfo's headless GTM context layer. It is the API and Model Context Protocol home for AI agents, powering integrations across Salesforce Agentforce, HubSpot Breeze, Microsoft Copilot, Claude, ChatGPT, and dozens more.

Learn more at zoominfo.com and gtm.ai.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260723732952/en/

Media contact: Public Relations Team, ZoomInfo: PR@zoominfo.com

Source: ZoomInfo