Today, convenience-store operator RaceTrac announced that it has struck a deal to purchase Potbelly for approximately $566 million, aiming to continue expanding the Chicago-based sandwich chain.
Potbelly and RaceTrac will continue to operate as separate brands following the completion of the deal.
Bob Wright, President and CEO of Potbelly told investors, “RaceTrac’s strategic vision including their commitment to quality align perfectly with our mission to delight customers with great food and good vibes. 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.”
Natalie Morhous, CEO and Chairman of the Board at RaceTrac stated, “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. 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.”
The acquisition is planned to close in the fourth quarter of 2025.
By CEO NA Editorial Staff
