Can’t stop, won’t stop — Peter Cancro and Jersey Mike's next chapter

Author

Andy Moore
January 16, 2026

Hello!

This week we’re talking:

  • New value meals at some industry heavy hitters

  • Jersey Mike’s founder Peter Cancro can’t quit the game

  • And Indiana head coach Curt Cignetti eats a staggering amount of Chipotle

Read on…

3 Numbers

1-2-3

Name of TGI Fridays’ turnaround plan, which stands for 1,000 restaurants and $2 billion in annual sales by 2030. The company — and its CEO Ray Blanchette, who returned to the role after initially stepping down in May 2023 — is busy mapping a comeback that’s focused on creating memorable experiences (like its holiday-themed Elf Days), strengthening franchisee profitability, and growing in flexible formats like hotels and airports. (Cosign this approach — the Whiskey-Glazed Chicken Sandwich hits different in DFW’s Terminal C.)

$3

Maximum price of any item on Taco Bell’s new “Luxe Value Menu,” which features old classics like the Cheesy Double Beef Burrito and new items such as the Beef Potato Loaded Griller. Taco Bell joins a growing list of brands that have recently launched revamped value meals, including McDonald’s, Sonic and Wendy’s (more on it later).

500

Number of Chipotle burrito bowls Indiana football head coach Curt Cignetti has eaten since arriving in Bloomington in 2024. Cignetti gets the same thing every time — rice, beans, chicken, guac, no toppings (he’s a football guy) — and at one point Indiana assistant Jake McDonald had amassed 64,000 reward points simply by being Cignetti’s Chipotle runner. A truly astonishing level of consistency and discipline from the Indiana head coach. Do not bet against this man or his football team.

2 Big Stories

  1. Nine months after stepping down as CEO, Jersey Mike’s founder Peter Cancro is leading the brand’s first European expansion. Via CNBC:

The deal between Jersey Mike’s and Cancro’s entity calls for 400 stores to be opened in the U.K. and Ireland, and it will be the first in a series of plans for international growth. The privately owned Jersey Mike’s was acquired for a reported $8 billion by Blackstone in late 2024.

“All consumers, not only here in the U.S. but around the world, are looking for a great value, but they want quality. They want authenticity,” Jersey Mike’s CEO Charlie Morrison told CNBC in an interview. “Everything about the brand screams quality and freshness, and I think that’s what consumers want anywhere in the world. They’re going to be picky and careful about what they choose, but we believe strongly they’re going to choose Jersey Mike’s over anybody else.”

Morrison noted that deli-style subs are becoming a staple internationally, and he plans to stay true to the brand’s roots in this expansion. He said Jersey Mike’s 20 consecutive years of positive same-store sales growth in the U.S. will help inform the international move.

I find it genuinely cool that Cancro — who ran Jersey Mike’s for 50 years before the Blackstone sale and CEO handover to Morrison — doesn’t want to rest on his laurels. Use the downtime of no longer running Jersey Mike’s as a chance to open 400 stores in the U.K. and Ireland? Why not? Said Morrison to Restaurant Business, “[Cancro] still has that entrepreneur spirit, and he wants to continue to grow, and I support that a lot. I mean, who better to grow in a new market overseas than the founder of the company? That’s pretty unique.”

  1. Dutch Bros acquired NC-based Clutch Coffee Bar, according to an open letter from Clutch’s founder Darren Spicer. Via Fast Casual:

Clutch Coffee Bar, founded in 2018, will officially cease operations under its current branding this Friday, Jan. 16, at 4 p.m.

"Nearly eight years ago, we opened our very first drive-thru with a simple but clear mission: serve incredible drinks with positive energy," Spicer said in the letter. "This was not a decision made lightly — rather, it comes from a place of deep pride in what we've built together."

Spicer said the acquisition would provide Clutch team members with growth opportunities within the Dutch Bros system. The transition is expected to maintain the "quality, speed and service" that defined the Clutch brand since its 2018 debut in Mooresville.

A Dutch Bros spokesperson told FastCasual that following a short closure and renovation period, the company will reopen 20 Clutch stores as Dutch Bros shops.

Clutch Coffee Bar, known for its high-energy drive-thru service and diverse beverage menu, grew to several locations across North Carolina and South Carolina. The brand frequently emphasized its "community-first" culture, a trait Spicer believes aligns with Dutch Bros' corporate values.

"As a fellow brand built on human connection, we deeply respect what the Clutch Coffee Bar leadership team has built and look forward to building on that strong foundation in the Carolinas," the Dutch Bros spokesperson said. "We're excited to continue expanding across the country as we work toward our long-term goal of 2,029 shops in 2029."

On the one hand, the number of stores Dutch Bros is adding with this acquisition (20) is a drop in the bucket considering its total store count (1,000+).

But I still think it’s an interesting play: the company began in Oregon and still primarily covers the West Coast and Mountain West. Until acquiring Clutch, Dutch Bros had just one location in North Carolina, and this gives the company scale at a significantly faster rate than if it were to ground-up develop these units. And Dutch Bros’ internal systems are most likely robust enough that it can pretty easily handle the job of quickly converting 20 stores and retraining staff members. As good real estate gets harder to find, I wonder if we will see more of this whole-chain conversions by fast-growing aggressive brands.

Other Headlines

Name That Chain!

You’ve got three guesses to name this week’s mystery chain:

  • Founded in the South in the late 2000s, initially as a home-kitchen concept

  • Built around a single core product with dozens of variations

  • Has quietly scaled a to 300+ locations with a cold-food-only menu … a rarity in the industry

Find the answer at the bottom of the email…

#Content Recs

Power Moves

Here are some notable C-suite moves from the past week:

What’s New at FS Supply

This week brought into our warehouses a new shipment of our 8-lb and 12-lb SOS (stand-up, no handle) bags. We really like these bags — they’re versatile, look great, and are in line with what we’re seeing that works across everything from bakeries to burger chains.

In addition to the 8-lb and 12-lb options, we also currently produce 6-lb and 20-lb bags in bleached white, greaseproof, or virgin brown kraft. Samples are on hand if you’d like to take a look.

Thanks for reading! I’ll see you next week.

NAME THAT CHAIN ANSWER: Chicken Salad Chick

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