The deal adds more than 445 company- and franchise-owned Potbelly shops to the convenience chain’s portfolio.
ATLANTA — RaceTrac Inc. is adding a major foodservice offering to its portfolio.
The convenience store operator will acquire Potbelly Corp., operator of the Potbelly neighborhood sandwich shop concept, for approximately $566 million.
Under the terms of the deal, RaceTrac’s wholly owned subsidiary Hero Sub inc. will acquire all outstanding Potbelly shares for $17.12 each.
The deal is expected to close in the fourth quarter of 2025 subject to the satisfaction of customary closing conditions and regulatory approvals.
The deal is a significant move by RaceTrac that adds an iconic brand to its portfolio, according to a company announcement.
“Our companies, combined, have spent over 130 years delighting guests by providing them with welcoming smiles and a place to enjoy life’s everyday moments.
We are proud of Potbelly’s legacy as a beloved neighborhood sandwich shop and are excited to expand our family of convenience-driven brands,” said Natalie Morhous, CEO and chairman of the board at RaceTrac.
“I’m pleased to welcome Potbelly’s more than 5,200 team members and franchise partners to the RaceTrac family.
Together, we’ll serve guests in even more meaningful ways.”
Potbelly, known for its warm, toasty sandwiches, signature salads and hand-dipped shakes, was founded more than 40 years ago in Chicago.
It currently has more than 445 company- and franchise-owned shops with a long-term goal of reaching 2,000 locations.
“RaceTrac’s strategic vision including their commitment to quality align perfectly with our mission to delight customers with great food and good vibes,” said Bob Wright, president and CEO of Potbelly.
“We have positioned Potbelly for accelerated franchise-led growth in recent years, and this transaction fortifies our path while delivering certain and immediate value to our shareholders.
With RaceTrac’s resources, we will unlock new opportunity for this incredible brand while staying true to the neighborhood sandwich shop experience that makes Potbelly special.”
Headquartered in Atlanta, family-owned RaceTrac is one of the largest privately held companies in the United States, serving guests since 1934.
More than 800 retail locations represent the RaceTrac and RaceWay brands.
The company employs more than 10,000 team members across RaceTrac, RaceWay and affiliated companies Metroplex Energy, Energy Dispatch and Gulf Oil.
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