Peter Cancro, CEO of Jersey Mike, entered the supreme club– the billionaires club, of course.

The sub sandwich chain and buyout company black stone are close to closing a deal valuing Jersey Mike’s at around $8 billion, Reuters reportedpropelling Cancro into the list of the richest people in the world.

Jersey Mike’s Subs officially announced On Tuesday, it reached a deal that would see private equity giant Blackstone acquire a majority stake in the fast-casual restaurant chain, which has more than 3,000 locations. This makes Jersey Mike’s the second largest subchain in the United States, behind Metrowhat is reportedly worth up to $10 billion.

Cancro will retain a “significant ownership interest” and continue to lead the company, according to the announcement. The transaction is expected to be finalized in early 2025.

Following this announcement, Cancro climbed the Bloomberg Billionaires Indexand its value is now around $7.54 billion, according to the listing. This brings him closer to Shark tank star and serial investor Marc Cubanwho is worth $7.86 billion, and hedge fund manager Bill Ackmanwhich is worth $7.65 billion.

Jersey Mike did not immediately respond. Fortunerequest for comment.

Who is Peter Cancro?

Cancro has been with the company for over 50 years. He began working at the company’s original location in Point Pleasant, New Jersey when he was 14 years old. At the time, the sandwich shop was called Mike’s Subs.

“I would sprinkle the subs as they came down, wrap them, and work the cash register,” Cancro wrote in a statement. Article “How I started” published in Fortune in 2020. “I did everything, except I wasn’t old enough to work the slicer. »

Cancro earned a whopping $1.75 an hour, “which was a lot of money in 1971,” he writes. But he started dreaming bigger when he learned the store owner wanted to sell.

“One night my mother said to me, ‘Mike is for sale. Why don’t you buy it? I laughed, I walked up a flight of stairs,” Cancro wrote. “The moment I reached the top, I decided to do it.”

To achieve this, Cancro tried to knock on people’s doors to raise funds. After that proved unsuccessful, Cancro called his football coach, Rod Smith, who was also a banker.

“He knew me and he said I always put the ball across the goal line,” Cancro wrote. “Back then, you shook hands, you trusted people and you did business that way. »

In 1987, it launched franchise units, and by the time the recession hit in 1991, the chain had 35 stores. But back then it was difficult to borrow money.

“Everything we had done was spent on growth, advertising and increasing staff, and we spent too much,” Cancro wrote. “We had lost a million and a half dollars and were advised to file for bankruptcy, but I said no.”

And it’s a good thing Cancro persevered. The chain regained momentum, reaching 100 stores by 1998. And even though another recession hit in 2008 and 2009, there “still was money to lend,” Cancro recalls.

“Everyone was affected, but our business grew because of it because we had enough stores open and planned our capital and growth better,” he wrote.

Today, Jersey Mike’s is recognized as one of the fastest growing fast-casual chains in America. This year, the subchannel ranked #2 on EntrepreneurThe 500 franchise. According to Entrepreneur, it costs up to $1.3 million to open a Mike’s franchise in New Jersey.

“We believe we are in the early stages of the Jersey Mike’s growth story and that Blackstone is the right partner to help us reach even greater heights,” Cancro said in a statement.

Cancro has also remained focused on philanthropic giving, having raised more than $113 million for local charities since 2011, according to Jersey Mike’s.

“What I love about being a CEO is making a difference in people’s lives,” Cancro wrote. “What makes me most proud is having coached all of my children’s sports teams. No matter how busy I was, I kept coming back for their practices. And they all got their first job at 14.

This story was originally featured on Fortune.com